Word: nasdaq
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...what now, Dow? More halting rallies, more scowling pullbacks. The NASDAQ, which has been pulling free of the Fed watch and flying on its own private indicators, will likely continue to do so. Greenspan doesn't have to worry much for another month - he'll have July's labor market picture in hand weeks before that all-important August interest-rate meeting. In the meantime, the stock markets will do the worrying...
...even the truest of new-economy true believers, bloody April--during which the NASDAQ fell 25.3% and the IPO window slammed shut--has given way to a Summer of Discontent. While most of the big names have recovered a bit from their April depths, they are still down for the year: Yahoo, off 50%; CMGI, down 70%; Priceline.com off 57%. Just last Friday, amid renewed analyst concerns about disappointing revenues, Amazon.com dropped 19% more to close at $34, off 70% from its December high. Amazon laid off 150 workers in January, Oxygen Media fired 15, and AltaVista sacked...
...Before the last market tank [April's NASDAQ collapse], I could have retired, bought three houses and my dream boat, and had $150,000 a year in interest to live on. Now I'm back where I started," says a senior engineer at a West Coast Web-services company, whose stock was briefly worth $9 million and is currently underwater. That means it has sunk beneath the price at which he originally bought...
...where's the rally? Well, it's a complicated day (half-day, really - the bell tolls at 1 for the holiday), the last day of the second quarter. Some fund managers are dressing up their portfolios with glamour stocks (which is why NASDAQ was on the rise), others are hurriedly dumping losers. The rest are out playing golf or beating the traffic to the Hamptons for the Fourth - it's not an easy scene to parse. But Dow investors without tee times, at least, were doing something quite logical as they pushed the index down Friday morning: They were worrying...
...invite Nader, Hoffa and Buchanan to the same dinner party. But anti-globalization makes strange bedfellows, and the enemy of my enemy is my friend. What unites the three now, in Hoffa's mind anyway, is the sullen desperation of the excluded. Excluded from what? The festival of the Nasdaq, the great gated community of the Bobos, the money fair. Teamster Hoffa all but endorses the Green Party's Nader as a friend of American labor and an enemy of the NAFTA, GATT, and normalization of relations with China. Buchanan, says Hoffa, is good on globalization (meaning he's against...