It's a sign that the market is over capitalized and over priced, and due for a major correction.
It's a game of musical chairs, and it gets most frantic towards the end.
Here comes China 2.0
By Paul R. La Monica, CNNMoney.com editor at large
June 28 2007: 1:41 PM EDT
NEW YORK (CNNMoney.com) -- As Google's stock slouches toward $600 a share and Wall Street debates the future of Yahoo following the ouster of Terry Semel, it's easy to forget that there are other Internet stocks out there competing for investor attention.
But for those who prefer to take a more worldly view of the World Wide Web, paying attention to areas outside of the U.S. has been incredibly rewarding, particularly for investors that have discovered the booming Internet sector in China.
Several Chinese Internet stocks trade in the U.S. on Nasdaq so investing in these companies is as easy as buying shares of Google (Charts, Fortune 500) and Yahoo (Charts, Fortune 500). And many Chinese Internet stocks have far outperformed America's big two Net giants this year.
Shares of search engine Baidu, portals Sina and Sohu, online gaming companies The 9 Limited and Shanda Interactive and online travel site Ctrip.com are each up at least 20 percent this year, compared to gains of 8 percent and 14 percent for Yahoo and Google respectively.
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