This is the early salvo of the next generation of utility firms. It's a pretty big deal but should still have a pretty solid debut.

This is a classic Internet company and they will be burning cash like there's no tomorrow. But the deal is programmed to explode on its first day with 3.5 million shares priced between $12 and $14.

The gloss is off the China ISPs.

I'm expecting a modest first day ... gain of 5 to 15 percent.

This always happens when the market gets flooded. I'm afraid a lot of these deals are getting lost in the shuffle and this is what is happening with Western.

This is a highly competitive area -- it's a commodity business. The industry is very quickly getting over capacity.