Word: stock-market
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Instead they're already creating a world that is about to become your own. The Net economy that Yang and Filo are building doesn't exist merely in the 115 million Web-page views that Yahoo serves up to hungry surfers every day nor in the stock-market pyrotechnics that have given their venture an explosive $8 billion valuation. The real economy exists in the thousands--even tens of thousands--of sites that together with Yahoo are remaking the face of global commerce. Want to snag a $900 suit for $150? Try countryroadfashions.com (but be warned: they're based...
...large incisors, quickly disembowel any enemies of the city attempting to infiltrate the deliberately darkened access tunnel. Fact: The mayor has sensibly proposed building an emergency control center for merely $15 million in the World Trade Center. Should any danger--be it a raid by crazed fundamentalist bioterrorists, a stock-market crash or a strike of rollerblading dog walkers--threaten New York, the mayor would inch through traffic, clamber up 22 flights of steps (can't trust elevators in a crisis--they might be booby-trapped!), pausing only to sign autographs for tourists, and soon be in command...
...based econometric prognosticator, forecasts a profit rise of 4% this year and 5% next. But he notes that his figures are below the lowest estimates being made by Wall Street analysts. He expects--"by the end of the summer"--a correction of 10% to 15% in today's stratospheric stock-market prices that will interrupt a long-term bull trend. Varvares is both more and less optimistic. He foresees only an 8% drop in the Dow Jones industrial average but one that will fall "on a sustained basis" through year...
This new-product cycle has a number of pros bullish on the sector. Sensing opportunity, New York investor Stuart Wiesbrod founded Merlin Biomed, a private health-care fund, just three months ago. He estimates that the entire biotech industry has a stock-market value of about $110 billion. That's less than the market value of one big drug company like Merck or Pfizer, each with market values around $140 billion. Yet the biotech industry has 600 drugs in advanced development, vs. maybe 20 for each big drug company...
More stunning was the amount of public outrage that followed: there was none. The notion of giving individuals the power to invest at least part of their payroll taxes--in stocks, bonds or another savings plan they might choose--raised hardly a complaint in a week when the Dow closed above 9000 for the first time. The stock-market boom has, it seems, turned Americans into a nation of risk takers. In a TIME/CNN poll last week, 60% of those surveyed said they would like to play the market with some of their Social Security taxes; and if they could...