Word: teche
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...from there to here? On the surface, it's all about the business cycle, one the tech revolution was supposed to eliminate. Yahoo gets nearly all its cash from online advertising, and this worked very well in the breakneck economy of the past five years. With its 160 million visitors worldwide, everyone wanted a piece of Yahoo's eyeball universe. But in a downturn, advertising becomes more expendable. Web ads are no exception...
...fair, Yahoo's news was just one act in the carnival of carnage that was high tech last week. Cisco and Intel predicted big revenue drops and job cuts, a combination that set the nasdaq up for a 5.3% fall on Friday. The index is off 59% from its peak, reached a year earlier. Even the good news hurt--unemployment was stable but wages grew, undermining the Street's expectation that the Federal Reserve will deliver a big interest-rate cut later this month...
What sweet irony. Even as the new economy-loaded NASDAQ index continued its death spiral last week, investors gobbled up shares of Krispy Kreme Doughnuts as if cholesterol were a newfound health food. And while the tech gang was frantically dialing down its earnings estimates, Krispy Kreme announced profits that easily beat the forecasts.The stock soared to $79.19, up $6.68 in an otherwise dreadful week...
Kreme's rise is evidence that not every sector is taking a beating. Companies like Alcoa and RJR Tobacco, which make or sell basic stuff, such as oil, aluminum, electricity--and, yes, cigarettes--are whipping the tech sector. Oh, did we mention that they earn a profit? How old-fashioned...
...that they have held since last year's ipo into a market that currently trades just 5.75 million Krispy Kreme shares. When insiders announced a previous sale in January, the stock fell 11%. But unless Krispy Kreme announces a plan to sell e-doughnuts, it stands to humble the tech stocks for the rest of the year...