Sometimes short sellers are not wrong:
an excerpt from street.com:
But the traditional tech stalwarts were overshadowed by
gains for Internet stocks, some so shockingly large and
outrageous as to generate disbelief and even acrimony
among some market players.
"When does it end?" asked one dumbfounded market
strategist. "This is the biggest bubble I've ever seen and
one of the greatest scams ever perpetrated on the investing
public."
The strategist, who asked not to be named, was
particularly galled by Goldman Sachs, which upped its
price target on eBay (EBAY:Nasdaq) to 150 from 90 after
the latter was breached. In reaction, eBay soared 27.3%,
but it was far from alone in the stratosphere.
Among Internet leaders, Yahoo! (YHOO:Nasdaq) jumped
7.1% to a new 52-week high of 177, Excite (XCIT:Nasdaq)
gained 9.3%, and Amazon.com (AMZN:Nasdaq) rose 4%.
Among secondary names, Onsale (ONSL:Nasdaq) gained
13.9%, Inktomi (INKT:Nasdaq) climbed 12.7%, while N2K
(NTKI:Nasdaq) rose 64.6% and merger partner CDNow
(CDNW:Nasdaq) gained 43.3%. The American Stock
Exchange Inter@ctive Week Internet Index rose 1%
while the ISDEX Internet Stock Index, which is not
market-cap weighted, gained 7.2%. |
