I believe HAST ran up to catch up with BAMM, but instead BAMM fell and caught up with HAST, so we are all locked up now.
Most of the companies that ran up to catch up with their big internet brothers on thanksgiving friday have been spanked back down to earth in the last week, the more I look at AMZN, EBAY, YHOO, AOL the more I feel that Wall Street has taken up upon itself to determine the state of the internet, the monopolies, and the competition one or two years down the road.
They have picked and chosen one company in each sector, given it obscenely high valuations, thereby giving these companies the power and clout to either buy out or kill thier competitors. Its a shame really.
However I do confess, I jumped into HAST without doing much reasearch, simply went to their website, saw that they had Books, CDs, videos to offer, saw the balance sheet, the positive earnings, the fact that they IPOd at $14, and jumped in on Monday at 19 and change (petty 200 shares.)looking for a quick trade. I realize now that HAST is more of a conventional bookstore that rents out videos, and continues to build in the brick and mortar direction and would not be anything near to AMZN in the future. At least BAMM made it clear it was pursuing AMZN in the internet area. I might sell before the year end to take some tax loss. |
