Biotech Valuation Message Board

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Biotech / Medical : Biotech Valuation

CRSP 56.68

-2.4%

Dec 12 3:59 PM EST

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To: Biomaven who wrote (6296)	5/9/2002 12:23:59 AM
From: John Metcalf	Read Replies (1) of 52153

"So CISCO has good news and biotechs surge? The irrationality of this market never ceases to amaze me." The irrationality of Cisco surging amazes me. Sales are down. They take a huge charge for buying companies that dwindled in value. So now the company is worth more than formerly? Not to mention that many of their customers are out of business, and there is no new "killer" product. And anyone who really needs their gear in quantity can buy it at a Bay Area auction. I take this to mean that the market is still populated by the same old crowd, still watching for "tech to lead" and still looking to salvage value from investing in the busted NASD leaders at low points. Professionals will sell shares tomorrow to those who pile into today's tech rally. The rising part of the market (for 18 months) has been small caps, and most biotechs are in that area.

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