NASDAQ: New Lows Endanger NASDAQ Health
Author C R Nasmythe, CRN
Report Source Tom Costello
(Added 9/27/2000 1:30:56 PM)Categories: Business Headlines, IPOs
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Tom Costello, NASDAQ: DELL, MSFT, WCOM, CMGI, PCLN, OPTV, AKAM, AVGO, HYDL, EDEN
There is real concern about the health of the NASDAQ; we are seeing so many big caps that are unable to mount any sustained rally - one senior NASDAQ trader said that if the revenue growth isn't 50% or better, chances are the stock won't be performing
We've seen companies come in with revenue warnings and they have been punished dramatically; the word is that there is no impetus to rally because of some significant breakdowns we have seen in the technicals
DELL down 1.44 at 32.19, at a new 52 week low again today; DELL down 36% YTD, down 33% in the last year, down 45% from its year high - if you don't see strength in DELL, MSFT and WCOM, the NASDAQ cannot recover
Internet incubator CMGI was considered for some time as a blue-chip in the Internet space; CMGI down 3.75 at 26.69, down 80% YTD, down 83% from its year set high back in January - CMGI is getting dragged down with all the other dotcoms
More 52 week lows:
MSFT down 1.81 at 60.88, year high 120
PCLN down 7.77 at 10.88, down from its year high of 104
WCOM up 0.25 at 25.75, year high 61
OPTV down 2.75 at 33.63, year high 245; OPTV is involved in software for integrating open television
B2B player AKAM down 5.63 at 51.75, year high 345
CSCO and INTC rallied slightly, but they have broken serious technical levels |
