Word: mania
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...last year it strained to make $92 million. It's certainly priced for success. With a market value of $166 billion, it's already more than two times as expensive as Ford, the reigning profits champ last year at $22 billion. Another of the more interesting examples of com mania is a tiny online auction site called eCom eCom.com which on the strength of three coms in its name jumped 440% in two days last week...
...think Wall Street hasn't struggled with the value problem. Four years after Netscape rang the bell for Net mania with an initial public offering at $28 a share that soared to $58 in a day, underwriters remain skeptical and resist pricing Internet IPOs anywhere near where the market does. Last week Rhythms Netconnections was listed at $21 and closed the day at $69. Two weeks ago, Priceline.com started at $16 and shot to $69. If anything, the pricing of Net stocks is growing more off kilter. The average first-day gain for an Internet IPO has swelled from...
...Merger Mania...
...resulting juggernaut--all the tradition of the Yankees along with the award-winning jersey design of the Nets--promises to be unstoppable. And now that merger mania has spread to the sports world, we're bracing for the possibility of a round of long-overdue synergistic partnerships modeled on the YankeeNets venture. It's been obvious for years that the Red Sox and Cubs were destined for each other. And the hapless Golden State Warriors would make a natural match with, say, the Minnesota Timberwolves. But it won't be until the Celtics fall victim to a hostile takeover...
Stock-split mania is another version of this greater-fool investing. Yes, studies show that stocks of companies that split their shares outperform those that don't. But that's easy to explain. Splits naturally occur in the best stocks--the ones that go up. The split signals management confidence, but the heavy lifting is done by management execution that delivers earnings. Do that, and the stock will go up whether it splits or not. Just ask Buffett--whose shares have risen, on average, 28% a year since...