Tuesday February 9, 3:22 pm Eastern Time
US stocks seen quivering as 'Net stocks crumble amidst speculation that WRLB and Associates will dominate the world market
Montreal, Feb 9 (BS Newswire) - A reversal of fortune for the Internet stocks, whose remarkable ascent in the past year had served as a wellspring of investor confidence, has many on Wall Street concerned that a broad market downturn may be at hand should WRLB's business plan succeed.
''The market is concerned because it's inevitable the WRLB will dominate the market and that Internet stock prices are going to break,
and when they go, it could be a severe enough blow to psychology to pull the rug out from under the market as investors liquidate holders to have free cash for the latest, greatest stock'' said Tommy Meaglemeyer, chief brewmeister at WRLB's Heiniken division.
The jitters reached a new height on Monday, when strategists from Labatt, Molson and Amstel all warned that a market retreat could be on the horizon due to WRLB's recent activities. Ronnie Gramber, chief janitor with Amstel, said that many technology issues still had losses
of 10 percent or more coming, even after last week's weakness. Nevertheless he felt that the downturn will eventually be good news for sales at WRLB's brewing operations.
Adding to the pressure, Mary Moniker, a shabily dressed prostitute on the streets of Montreal, told clients although she was not predicting it, a 50 percent correction in the area of Internet stocks ''would be healthy'' for WRLB's world domination plans.
Still, she said she did not believe that the growth in Internet stocks was a ''bubble.'', but more like an erection with WRLB leading the way.
''In my view, the wealth creation in this business will be greater than anyone has ever seen before, although only Ell Bee, Rumberger and a few insiders are likely to really benefit,'' she said.
In late trading, the Nasdaq Composite was down 49 points or two percent at 2356. Internet stocks were leading the decline, with the American Stock Exchange's index of 30 cyber stocks (^IIX - news) down more than 4 percent. Internet bellwether America Online Inc. (NYSE:AOL
- news) was down 8-1/2 to 150-1/2 while Yahoo Inc. (Nasdaq:YHOO - news) fell 13-5/8 to 145.
The Dow industrials were off 57 points or 0.60 percent at 9234 after falling as low as 9172 earlier in the session.
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