Word: nasdaq
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...past month, the old-economy Dow has been on top, surging 9% while the new-economy NASDAQ has fallen 9%. But things were going the other way in January and February. Where this all leads is anyone's guess. Volatility says nothing about where prices are headed--only that confusion reigns. A lot of market watchers believe that the NASDAQ's low point last week will prove to be a bottom. They cite the quick rebound and the broad strength in blue chips and the general economy, as well as the robust profit reports that are expected in the coming...
Indeed, everyone is. The violent swings of the NASDAQ over the past month have overshadowed the virtual collapse of many battered online companies--e-tailers such as grocer Peapod and music seller CDNow and information-and-advice sites like drkoop.com--that a year ago were among Wall Street's highflyers but now may be down for the count. Stock prices of these hemorrhaging havenot.coms have plunged 50% to 75% below their 12-month highs, and many trade below their initial offering price. Case in point: shares of TheStreet.com a financial-news-and-advice site, peaked...
...hypnotized at my computer, watching the NASDAQ collapse, when e-mail pops up reminding me of our biweekly company meeting. Eighty or so Keen.com employees gather around our CEO, Karl Jacob. "Well," he says, "we all know what happened in the market today...
Yeah. The world ended. The fact that the NASDAQ may have hit a new high by the time you read these words doesn't erase the vague sense in dotcomland that the party, if not quite over, is definitely winding down. It's behemoths like Cisco and Intel that are keeping the NASDAQ afloat. The Web bubble is bursting. Has burst. Which means that some of us now roaring toward online glory may instead face that Wile E. Coyote moment when you look down and realize you just sprinted off a cliff...
...does the market really matter? Karl has one message--Suck it up--and two themes. Theme No. 1: Everything Is Different. The NASDAQ's woes don't affect us directly--we don't have a steady supply of paper clips yet, let alone public stock--but our industry's free ride is clearly over. The men are about to be separated from the boys, the wheat from the chaff, the Yahoos from the yahoos. And--oh, my, Greenspan--we can't go public at the drop of a business plan anymore. "It's going to be much harder under these...