FALSE rumor at Friday close (AOL downgrade) reduces stock price
According a service I subscribe to (that is copyrighted), a FALSE rumor Friday shortly before close of trading of an AOL led to the drop in stock price. Rather than a reduction in AOL, the proper info should have been an increase in INTC, which should have helped AOL by showing how the tech sector is blossoming. I presume that the MMs have hair triggers and want to sell off "Internet stocks" ASAP before the predicted bubble bursts. Although I'm a believer in the Web, I now have made so money in high tech stocks that it appears too good to be true and I also am very skittish.
PoorRich
ps: I was gratified at how positive Abbey Joseph Cohen was on WSW Friday. Of greater importance IMHO is the speakers chosen for "Louis Rukeyser's 1999 Money Guide," also aired last Friday night, 8 Jan:
SUNW CEO, YHOO CEO, Cyber Cash CEO were the first three. Moreover, three of the four analysts that picked stocks after the aforementioned speakers were bullish on high tech (Intel, CSCO, LU,etc.). The one female analyst even mentioned ATHM and MSPG, two mid-cap ISP's, as her favorites for 1999 as the Web becomes essential to society. |
