Word: stockings
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Dates: during 1990-1999
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Internet analysts, as confused as the rest of us, are riding the fence. They recognize that the recent Internet-stock drop could be just another fake-out--"an intrusion of rational thinking," says one--like the dips in January and last autumn. In both cases, patience and faith were rewarded when those stocks roared back from sharp declines. But the pros aren't exactly backing up the truck to get their fill. It's more of a tiptoe laced with caveats...
...glut of new Internet shares saturating the market, creating a supply overhang that could last through the summer. This is an entirely new situation for Net investors. In the past few years they have had little choice but to bid against rabid techies for the same handful of precious stocks, driving prices through the roof. Wall Street reacted as expected: by underwriting stock deals for every dot com in sight. A flood of new shares hit the market this year, and now the scarcity premium on Net stocks is gone...
...this lunacy? Not at all. "The stock market is acting perfectly rational with this Internet thing," says Charles Clough, chief market strategist at Merrill. "It is providing capital because this whole infrastructure has to be built, and it has to be built very rapidly...
...rain--and being plucked for public offerings even before they start to flower--it's no wonder full-grown companies have been hard at work on their own Web gardens. Last week Walt Disney Co. became the latest media giant wanting to convert its Internet assets into a growth stock...
Disney is planning to buy the 57% of portal partner InfoSeek that it does not already own, consolidate its various Net properties and issue a tracking stock to take advantage of today's relatively high valuations. On their own, Disney's Net holdings would be worth $6 billion to $7 billion, according to analysts. But when they're lumped in with Disney's traditional businesses (like theme parks), that value is diminished...