No, it's not a bubble. Internet valuations are perfectly reasonable.
(Yeah, right <vbg>)
"In the age of the Internet, though, it's much easier to be a hero. Ask Herm Rosenman, who runs Bikers Dream Inc., a Riverside, Calif., motorcycle maker. Until a few months ago, he was an online neophyte. Then his wife sent away for BISyman, a standard software package that she calls "an online store in a box." Mr. Rosenman told a reporter for a financial Web site that the company soon could sell cycle parts over the Internet. Suddenly, Bikers Dream became the hottest stock in America.
All in One Day
On Dec. 29, Bikers Dream jumped 167%, to $6.84 a share, on Nasdaq composite volume of 7.9 million shares. In essence, each of its one million freely available shares changed hands eight times that day, as frenzied day traders swapped the stock back and forth. The next day, the stock surrendered much of those gains, as traders realized that the company's Web site wasn't fully working yet and that online sales would be just a tiny part of its business for many months to come.
interactive.wsj.com
Note: that stock actually traded as high as $9.00 and change, if memory serves, intraday.
Who the hell is running this asylum?,
Yogi |
