Word: cisco
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...usually a blur, a swirl of statistics, charts and CNBCNNfn commentators telling us somestockweown or somestockwedon't is up or down. For a few hours last week, however, everything came into focus, and it seemed our (new) economy was clearly moving in the direction indicated by one company: Cisco...
...close last Monday, the San Jose, Calif., Internet router maker emerged as the most valuable company in the world, with a market capitalization of $555 billion, more than $13 billion ahead of the reigning cap king, Microsoft. This shifting of the tech-tonic plates represents more than just Cisco's success and uncertainty over Microsoft's legal problems. In fact, it provides a pretty good road map of the post-PC landscape into which our economy and volatile stock market are heading...
...That's why technology, Internet and biotech stocks--the new economy--have been soaring the past few months. But that's also why last week, when investors felt that expectations had got out of hand in the face of higher interest rates, the new-economy stocks sold off heavily, Cisco among them...
...leaving angry investors waving their fists at Judge Jackson for his ruling against Microsoft Monday afternoon. But as the market rebounded in the second half of trading Tuesday, it became more and more clear that the long-inflated NASDAQ may simply be approaching normalcy, with profitable firms such as Cisco and Intel bouncing back to respectable numbers while overinflated "dot-coms" stayed in the gutter...
...price to a developer, you'd sell or hock everything you own to buy it. Right? Well, that's the way investors around the globe are behaving with NASDAQ stocks. A massive liquidation of nontech assets is under way as people reach for the means to buy more Cisco, 3com and Apple. It's an incredible display of pack investing that begs the question, Is NASDAQ bulletproof...