Word: mania
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...really? Or are frenzied investors merely cruising for a bruising fall? "If there's ever been an example of a mania, this is it," says Hugh Johnson, chief investment officer of the First Albany brokerage firm. "There's a pretty exciting future for companies on the Internet. But these stock prices are irrational." Not that rationality has ever counted for much on Wall Street, which prefers hopes, dreams and whispers when it looks ahead. As venture capitalist J. Neil Weintraut puts it, "There is no reasonable way to value these companies." Still, professional analysts have to try. And few want...
...Yahoo's earnings prove it's the strongest company in the group, says TIME Wall Street columnist Daniel Kadlec. Will it turn out to be the next Microsoft? "That's a crazy bet to make and yet everybody's making it," Kadlec says. "Yahoo is riding a mania for Internet stocks, just like the mania for biotech in 1991. These stocks have so much room to collapse." Indeed, in announcing only a 2-for-1 split Wednesday (effective in August), Yahoo might be signaling that it knows some bearish days are coming. Notes Kadlec: "A $200 stock price means Yahoo...
...Ancient Greeks told of a mania that masquerades as clarity, one that demands tearing a human being limb from limb and scattering his or her remains to the winds to quench some dire compulsion for cosmic order. That kind of bacchanalia, bloody and bestial, did not perish with the age of Sophocles. The remains of James Byrd Jr. in Jasper County, East Texas, are testament to its endurance...
...first reaction was: what was he thinking? Just as Viagra mania was receding, along comes Ace Greenberg, the chairman of Bear, Stearns & Co., donating $1 million to give the drug to patients unable to afford...
...wrong when it sold stock in 1993. Adjusted for splits, it initially traded at over $25, but today the stock is under $2 and worth less than a plate of meat loaf with a couple of sides. Netscape's IPO in 1995 was part of Round 1 of Internet mania. Adjusted for splits, the browser company initially traded near $36, but today is around...