Word: nets
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Dates: during 1990-1999
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...been quite an experience," says Jack Marshall, founder of Photoloft.com which moves pictures across the Net. His stock, traded on the NASDAQ bulletin board, is down 66%, to less than $3 a share. All 32 of his employees have stock options. The collapse "hasn't really hurt morale because business is so good, we all know we're here for the long term," he says. Still, at many Net firms, the early-year euphoria of optioned employees is gone. Net investors, many of them day-trading online, have had a comeuppance as well. Losses have driven thousands...
Lacking earnings or some template for a profitable Internet business, that's the kind of analysis Net investors rely on. As a result, "these stocks trade on emotion, not fundamentals," says Lise Buyer, an analyst at CS First Boston. "Right now there is a significant amount of emotional fatigue...
...couple of points bear mentioning. First, Internet stocks are still up for the year--again of 24%, as measured by TheStreet.com Internet index. Second, Net investors who have been at the game longer than six months may still have sizable profits. The carnage has been largely confined to pure Internet stocks--such retailers as Amazon.com and eBay; communities like iVillage.com and TheGlobe.com media companies Marketwatch.com and TheStreet. com; and portals such as Yahoo and America Online. Many stocks that benefit from the Internet but don't depend on it to sell their goods have held up well...
...Net stocks tumble? In retrospect, it seems clear that as they were hitting their highs, speculation had taken over. The average Net stock had risen 475% in the previous six months. Internet initial public offerings were routinely doubling and tripling on the first trade. A pullback was in order...
...Henry Blodgett, a Merrill Lynch analyst. His main concern is that the explosive growth in the numbers of people going online for the first time is reaching an end. Roughly half the U.S. population is already there, so new users can't keep doubling each year. In fact, the Net selling began just as April data showed month-to-month new users and hours logged on flattening...