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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: Jenna who wrote (56836)	8/21/1999 4:52:00 PM
From: kendall harmon	Read Replies (3) \| Respond to of 120523

IMAA, tokyojoe, the net, and stocks--a MUST READ: Online stock traders, goaded by an Internet chat room leader, commandeered the shares of an obscure company last week, taking it on the kind of roller-coaster ride that veteran traders worry may harm investors and undermine faith in the overall stock market. Shares of Information Management Associates, which owns a fledgling Internet shopping site, soared from $4.0625 to a high of $14 before finishing the week below $10 in unusually heavy trading. Driving the stock upward was Tokyo Joe, the Internet moniker of Joe Park, who owned burrito restaurants in New York before becoming a stock picker. Subscribers to his chat room cheered each other on. "Wait until the traders see IMA after lunch," one participant said mid-Thursday. "It will be $14 when you get back," responded Tokyo Joe. Such rapid-fire moves threaten to become commonplace as the Internet captures the imagination and attention of investors eager to profit from tips received electronically from people they consider stock market sophisticates and wise men. The rocketing behavior, fueled by fickle chat room emotions, is of concern to company management and securities regulators, who fret that investors may begin to question the integrity of the market. Today's New York Times Author: Gretchen Morgenson Rest of Article at: nytimes.com quote.yahoo.com