Michael, you probably don't need a reply, do you? You should know by now that in today's markets, bad news from a tech company is relegated to "company specific" (as evidenced by lower revenue forcast from CSCO, -- CSCO only down by ~2 pts), and good news (ORCL last night) is taken as a reason to party upwards in most stocks.
Now ORCL and MSFT took the ball as momentum funds threw their weight into the stocks, and tomorrow it will be CMGI, and probably all internuts. Even though CMGI announced a loss, that never did matter, and what's fundamentally important is that they announced a stock split. As 1999 has shown throughout, stock splits are pure rocket fuel, and really the most important contributor to subsequent advances in a stock price. Little else matters.
CMGI Reports Loss, 2-1 Split, Stock Soars
dailynews.yahoo.com
"ANDOVER, Mass. (Reuters) - Internet hothouse CMGI Inc. (NasdaqNM:CMGI - news) on Wednesday posted a first quarter loss of $117 million, or $1.08 a diluted share -- narrower than expected -- and unveiled a two-for-one split of its red-hot stock, sending shares soaring 33-3/8 to $234-7/8 in after-hours trading." |
