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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion
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To: JDN who wrote (12325)7/12/1998 11:21:00 AM
From: John Mansfield  Read Replies (1) of 13949
 
YHOO P/E = 413. Makes one wonder what still might happen in the Y2k sector later this year.... John

___________

'ust when you thought Wall Street's worship of the Web couldn't get any
wackier, Internet stocks take off again--on another gravity-defying streak.
Look at Yahoo! Inc. In early June, its shares sold for $104, 12 times its
initial-offering price in 1996. From there, it streaked to a record of $199 on
July 6 before settling down to $186 on the 8th--leaving it with a market cap
somewhere north of $9 billion. This for a company that analysts say might
earn 45 cents a share. That translates into a price-earnings multiple of 413.

Still, Yahoo! is practically a blue chip compared with other Net issues: At least
it has earnings. Many of the shares enjoying similar runups don't even have
much in the way of revenue.

So, why the latest outbreak of Web mania? One factor, say analysts, is that
small investors are piling into Internet-related stocks almost indiscriminately in
an attempt to catch the next big wave. In the process, they are sending
small-cap issues into uncharted regions at mind-boggling velocities. Take
Inktomi, a provider of search-engine technology for companies that include
Microsoft Corp. Its shares traded publicly for the first time on June 10 at 18.
Now, it's trading at 73 1/2. All sorts of Internet-related stocks have been on a
similar course, driving the Hambrecht & Quist Internet Index from 141 on June
1 to a record 208 on July 6.

...
exchange2000.com
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