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Technology Stocks : WCOM
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To: tejek who wrote (10647)6/17/2002 2:14:29 AM
From: BEEF JERKEY  Read Replies (1) of 11568
 
Personally I do think WCOM has been a "victim" of the times.

Many many things determine a stock's price at any given time but you cannot underestimate the power of popular perception. Look at the Internets a few years ago. People working out of their basement were getting massive venture capital and even IPO's based on nothing more than a good sounding idea. Savvy media types were able to push the right buttons to their advantage. EBAY, YHOO and a couple of other stock did have "legitimate" businesses and decent growth prospects but somehow this turned into ICGE @ a market cap 60 or 70 billion $! Some smart promoter coined the phrase "GE of the Internet" and the rest is history.

Now the "perception" is that things are soo bad legitimate businesses like WCOM don't have a chance. Maybe its just following the trend but you do see people like Cramer telling us there is now no tomorrow for a company with $30+ billion in revenues when the sky was the limit for companies with no revenues at all just a couple of years ago.

I don't blame shorts for what has happened in the markets - they have actually been about the only thing supporting it at times, I actually short quite often myself. But I do question the media and it's reporting. It really seems as if the media isn't so much interested in a good balanced investigative story or "truth " if you like. Rather it's as if they just want to follow popular opinion and feed the public what I suppose they think they expect to hear. Right now it's accepted to be negative and that every CEO and company is crooked - but where were these stories three years ago? I suppose that's what I find annoying - the media has zero insight yet they have a lot of influence.
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