Wind Shears Whip Internet Stocks
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Internet stocks in recent days have been hit by the market equivalent of wind shears, as increasing bullishness about 'Net stocks has clashed with investors' urge to take profits and re-tool their portfolios.
It has made for a rough ride of late, with 'Net stocks soaring one day and plummeting the next, and sometimes doing both within the same trading session.
In general, the larger Internet stocks have handled the turbulence better than either smaller 'Net craft or other high-tech offerings. Since Dec. 8, internet.com's Internet Stock Index - which includes numerous 'Net firms with multibillion-dollar market capitalizations - has risen 3.6 percent.
In contrast, figures from internet.com's latest weekly Internet StockTracker newsletter, which tracks the performance of slightly more than 300 'Net tickers, shows the vast majority down since Dec. 8. And the tech-heavy Nasdaq has slipped 4.7 percent.
Inventory management software provider Retek (RETK) zoomed off the launch pad on Nov. 18, more than doubling its IPO offer price of $15 per share to close at 32 9/16. It continued up, climbing as high as 87 on Dec. 8 (there's that date again). On Friday afternoon it was trading at 63-1/2.
Until further notice, investors are advised to keep their seat belts buckled.
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