The IPO pipeline is beginning to look like it did during the heyday of the dot-com boom in 1999-2000, Fitzgibbon says. That go- go era for dot-com stock presaged the market meltdown.

“If you don’t strike now, who knows what tomorrow will bring,” he says.

Dow Jones Newswires does okay too. Here’s a good analyst quote:

The financial data on Angie’s List “is not good at all, but their brand names awareness is key,” in their debut’s success, said Scott Sweet, managing director of research site IPOBoutique.com. “This is not one in which you park money that you can’t afford to lose. We’re not talking about impressive numbers.”

But Angie’s List hometown paper The Indianapolis Star does a poor job with its story. It mentions the company’s price-to-sales ratio, but doesn’t report anywhere that the company loses scads of money—a baffling omission. It’s particularly bad form since stocks tend to be disproportionately held where companies are located. Time, in talking about the IPO’s “enormous success,” doesn’t mention that the company loses money, either.*

The Los Angeles Times includes a skeptical voice, but doesn’t note that the company is unprotable until the seventh paragraph of its story. Investor’s Business Daily does better, noting it in the third paragraph.

Reuters is pretty good, running with this lede:

Shares of consumer review website Angie’s List surged as much as 44 percent on their market debut Thursday as investors continued to lap up internet offerings, but concerns about the company’s profitability could loom on the stock.

But Bloomberg doesn’t do well, dropping the company’s unprofitability down in the eighth paragraph of a thirteen-paragraph story, and offering no skeptical quotes.

When a company is losing lots of money in the hopes of possibly making money at some unknown-but-distant point in the future, it’s a particularly speculative stock. That’s worth closer attention and a skeptical eye.

* I added the sentence about Time half an hour after originally posting this.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.