The Way to Go
By James J. Cramer
1/28/99 4:12 PM ET
eBay's (EBAY:Nasdaq) down 11? What's the matter with eBay?
What did it do? What's wrong? Did the John Glenn busts not sell
that well? Is it some lame attorney general? What could be wrong?
Should we call the company again? This is an outrage, just an outrage.
Another day like this and it is history.
OK, that's just me getting into the mindset of a Net overnight trader.
Here's a stock that went up 80 yesterday. And, amazingly, I think there
are people who probably seriously believe that eBay has no right to be
down, that it violates the code.
These Net stocks have spoiled everybody. Take theglobe.com
(TGLO:Nasdaq). It is a distant, distant No. 2 to GeoCities
(GCTY:Nasdaq). But here it goes up 15. As soon as it is up 15 it gets the
call from CNBC to come on. Then Bill Griffeth promos it as "are they
for sale?" and it goes up again. What an amazing lifecycle!
It's enough to make the serious companies out there, the ones where
hundreds of thousands of people work and real revs are generated, look
like boring, horrible wallflowers, or worse, venus fly traps that let you in
but never let you out.
In the meantime, behind me, the pros drone on about how the market
doesn't seem healthy, or doesn't have enough money coming in to it, or
looks toppy. Hello? I don't know which is more wrong, thinking that eBay
after its plus-80 romp shouldn't be going down, or focusing on the poorly
acting transports, as if they are somehow a measure of how goods are
still transported.
Whatever, all I can tell you is that Net traders must think that they own
Park Place and Boardwalk with hotels on both. And hapless people keep
coming around to the last corner and landing on them on the way to Go!
Way to Go is right.
(Oh yeah, and this just in, Jamie Kiggen over at DLJ is taking his Yahoo!
(YHOO:Nasdaq) price target to 500 right now, I kid you not!!!) |
