Word: stocke
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Dates: during 1990-1999
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These two companies symbolize the struggle between investors who like their technology stocks to offer hard assets, proven earnings and a price roughly in line with market multiples, vs. those traders who are willing to pay a much higher price for rapid growth. The latest returns favor Intel. In a tough week that saw most stocks retreat, the market seemed eager to pay 30 times this year's earnings for Intel. Its stock held steady as Yahoo lost 8% of its value. Yet both stocks still managed to outshine the larger averages, as they've done for a while...
...investor, I want a smattering of both old and new U.S. tech stocks, even if the prices of some Net stocks are overinflated to adolescent values. While it may seem counterintuitive to think of Intel as old tech, the market values hardware makers by a much more stringent standard than the newer Net businesses. Even though Intel and Seagate, the largest maker of personal-computer disk drives, signaled that sales are extremely robust, they are still in an industry that will be lucky to grow 20% in 1999. Yahoo, by contrast, is in a business that seems to double every...
...another year of monster growth at Yahoo. But the volatility in tech and the Net in particular has increased dramatically, to the point where only thrill seekers can bank solely on the latter. At one point last week, with Yahoo up 90 points, to 443, I let go some stock, and was happy to buy it back some 100 points lower a day later, when, despite reporting blowout earnings, it had fallen with the rest of the Net stocks...
SLIP OF THE PEN The Senate gift shop had better stock up on these. The pens used to sign the pledge that Senators would remain impartial during the trial had a misprint. Gillette has offered to replace the pens but so far has only received requests for more...
...needs a stock portfolio when you've got baseball memorabilia? Mark McGwire's 70th home-run ball (not even the one that broke Ruth's record) set its own record at auction last week. But don't bet the farm on your signed Hank Aaron mitt yet. It's a steep drop to the next nine highest prices paid for sports memorabilia at public auction...