<< Did everyone see the internet sell-off at the end of the day. This is going to continue on into tomorrow folks. >>
Not sure about this, or a couple of other points in your post.
How many internet companies trade on fundamentals, how do you value them? You can't.
GNET is a stock that should be trading at 600 to 1200 dollars a share, if it received a similar market cap as LCOS, SEEK, or XCIT. And, you could make a case that it should have such a valuation.
Will GNET trade again below 100?
Will it move higher and never look back?
Who here knows, and who even cares in the short term.?
Stock only had 5.9 million shares outstanding before today's split announcement, and under 3 million in the float. With such small numbers of shares available to be bought, the pressure to sustain share price above 100 will continue, even after the split occurs.
As far as the blood letting continuing tomorrow in the internet sector, i disagree. Several strong, imo, earnings reports came out after the close today, besides GNET .
This will help tomorrow's recovery.
In addition, if you look at the charts of the recognized leaders in the internet sector, such as EBAY, YHOO, AMZN, you would see that they are at or very near support here.
Mike |
