Hi Suresh. No argument from me about YHOO being expensive. You know that.
I thought its 9-mo y-o-y revenue growth was 198%, $42M-->$83M.
What seemed impossible only a few days ago is now reality so I won't be surprised to see it back to 82. NAZ @ 1400? That won't surprise me anymore.
I'll cut my loss this morning. Europe is now down on worries of weaker dollar hurting their exports. Should help our exports but I am sure it will be looked at in a negative way.
Looks like last week's G7 meetings did have an effect on Britain's finance minister. He is now pushing for a rate cut too.
Later;
Clint
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itn.co.uk
Slowdown inevitable warns Brown
Economic growth in Britain will "inevitably" be slower than expected
as a
result of the financial collapse in Asia, Chancellor Gordon Brown has
warned.
The Government insisted that its spending plans would not be blown
off course by the downturn, but the Tories claimed it would leave a
"gaping hole" in the public finances.
Mr Brown, addressing the annual meetings of the International
Monetary Fund and World Bank in Washington, said Britain's export
markets in the Far East had already been hard hit by the current
crisis and overall exports would grow much more slowly.
The Chancellor is now expected to reduce his Budget forecast - which
was for 1.75% to 2.25% growth next year - when he issues his
pre-Budget report next month.
There was speculation tonight that the revised figure could be around
1%.
Tory shadow chancellor Francis Maude said the Government could
now only meet its spending plans by raising taxes or increasing
borrowing.
"Gordon Brown has now admitted that the wheels have come off the
wagon. This will leave a gaping hole in the public finances," he said.
"He must now come back to Parliament with revised plans and tell us
what he's going to do tear up his spending plans, increase borrowing
or raise taxes, he's got to do one of the three."
The Government however insisted that the assumptions on which its
plans were based were sufficiently cautious to allow for a sharp
downturn in growth.
"All our assumptions on spending were cautious and therefore our
spending
plans will not be affected," a Treasury spokesman said.
Liberal Democrat Treasury spokesman Malcolm Bruce said Mr
Brown's speech appeared designed to send a signal to the Bank of
England, ahead of tomorrow's two-day meeting of the monetary policy
committee, that the time had come to relieve pressure on exporters by
cutting interest rates.
"This all seems a remarkable U-turn from a Chancellor who only a
week ago was telling the Labour conference there should be no
change in economic policy and that people who were calling for lower
interest rates were risking a return to boom and bust," he said.
Tory leader William Hague told a gathering of the Conservative
Business
Liaison Unit in Bournemouth: "We've seen increased taxes on
businesses and on pension funds, more regulations on businesses and
more on the way.
"We've seen interest rates too high and we hope that the Bank of
England will cut interest rates tomorrow, but Gordon Brown should
have done that without waiting for the Bank of England.
"It is a major reversal of economic policy over the last year and we
want to
develop our policy for a future Government with businesses across the
country."
In his Washington speech, which traditionally includes a round up of
the state
of the British economy, Mr Brown said: "Slower world growth makes it
inevitable that growth in Britain next year will be more moderate.
"But as a result of the tough and decisive action this Government has
taken,
Britain is better placed to steer a course of stability in an uncertain
and
unstable world as we get the British economy back on track for
sustained
growth."
Mr Brown's address came as stark acknowledgement of the effects the
spreading financial crises in Asia, Russia and Latin America were
having on the British economy.
The IMF has already revised its forecast for world economic growth
next year downwards from 3.7% to 2.5%, while growth in world trade is
expected to fall by two thirds.
Mr Brown highlighted falls in British exports of 50% to Indonesia and
Malaysia, 55% to South Korea and 60% to Thailand and the
Philippines as result of the "turmoil" in Asia.
Earlier, President Bill Clinton said the worldwide financial crisis could
be
resolved with concerted global action, but warned the turmoil could
spread
unless urgent steps are taken.
"I am confident that if we act together we can end the present crisis,"
he
told the meeting.
"We must take urgent steps to help those who have been hurt by it, to
limit
the reach of it and to restore confidence in the global economy."
He echoed Mr Brown in insisting the "cycles of boom and bust" in the
global
marketplace must be contained, in part by more openness among
governments and a willingness by developing nations to act swiftly to
reform their economies. |
