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Technology Stocks : CMGI What is the latest news on this stock?
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To: terry murphy who wrote (604)6/22/1998 10:15:00 PM
From: Rudy  Read Replies (1) of 19700
 
>Does anyone have an idea what caused the rally.<

Easy. Overall bullish sentiment for Internet related Tier-1 companies caused this rally. When OEM's and rest of the tech field is suffering, Dow is going thru a possible 10% correction, market was looking for somewhere to turn to. Internet stocks are not being affected by Asian crises, they are domestically driven. That is until the US market is saturated (at the moment I think we are at about 40% internet use). Once the domestic market gets saturated and these companies turn their sights to overseas then you can expect an overseas crises effect. It is still too early for that. One other reason for the Street to push these pups up is that their earnings are very hard to predict. Therefore it is easier to justify high multiples for these stokcs. Incredible growth prospects help that too for sure. No surprise here. I have jumped into CMGI and ELNK (both Tier-1) last Thursday AM and feel good. CMGI just cleared 52-1/2 resistance level to all-time high territory. It is very bullish. Second and third tier stocks may get reflections of this wave in the next 4-6 weeks. Let's wait and see. Second big wave of Internet has just hit the Street.

Good luck all.
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