Word: evening
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Dates: during 2000-2000
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...Even growing companies have shut down in the face of VC disdain and looming cash shortages. Three weeks ago, Kibu.com a start-up that had made healthy inroads in the teen-girl market by building a cyberchat "hangout," shocked analysts by closing while it still had a healthy bank balance. The reason? Kibu was unlikely to be "valued appropriately"--in other words, stupefyingly overvalued--by a market that has lost its appetite for IPOs. So it gave investors some of their money back. Indeed, the shell-shocked look on the faces of dotcomers who only yesterday had dreamed of Maseratis...
...jaunty entrepreneur with the gleam of an idea but not a clue about earnings. In the past, the stock market would rarely show its checkbook to a start-up sans profits. And now that Wall Street has been burned, the fear is that the current stock pullback could leave even companies with real potential starved for cash--thereby stifling innovation...
...that efficiency includes, it turns out, funding new businesses and laying waste to those that disappoint. On Wall Street, day traders and fund managers continue to smart over this year's natural--even desirable--bursting of the speculative tech-stock bubble. "The Internet really turbocharged everything," says Marshall Acuff, chief equities analyst for Salomon Smith Barney. "It was the infinite expectations for the Internet that pushed excitement to the ultimate level...
...small irony that even as Silicon Valley suffers, much of the heartland still basks in the good times the New Economy has made possible. Throughout the Midwest, consumers have been shrugging off the downturn in stocks and taking out home-equity loans to finance remodeling, or a new car or a European vacation. "There's not a chance this boom is over," says Diane Swonk, chief economist for Bank One in Chicago. "Consumer attitudes are high in the face of high oil prices, stock-market volatility and even election rhetoric. Most Americans live on Main Street, not in Silicon Valley...
Some brokerages were poised to send out margin calls early this week, though a rally Friday may have provided a reprieve. Many investors, it seems, became so convinced that prices were cheap last spring that they doubled up, partly with borrowed money. Now lots of stocks are even cheaper. The NASDAQ bottomed at 3165 on May 23, suckered in a wave of new money with a 1,000-point rally, then collapsed in stunning fashion--closing as low as 3075 on Thursday. From the March 10 peak of 5049, the index dropped 39%. In the 17 trading days ending Friday...