Word: nasdaq
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Dates: during 2000-2009
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After the NASDAQ wrecking ball made another pass Wednesday, taking the tech index down 190 points, or 5.56 percent, to 3229 - the seventh largest percentage drop of the year - the good news is that there isn't much left standing...
Those numbers only begin to address the carnage. The average NASDAQ stock is down 48%, more even than during the 1987 crash, reports Salomon Smith Barney. Thanks to relative strength in more conservative stocks, broader market measures haven't been as devastated. Still, the Standard & Poor's 500 hit a new low Thursday, bringing its decline to 13%, and the Dow, while still above its spring low, was off 14% from its high nine months...
...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...
...retrospect, of course, 1990 was a great time to be loading up on stocks. Since a bear market ended late that year, the NASDAQ has risen 10-fold and the Dow more than fourfold. Whether the next decade will prove as profitable is an interesting question but one that, frankly, can't be answered. Long-term investors can take comfort in knowing that the overwhelming odds are for stocks to be higher a decade from now. But that doesn't help much in times like these, when all you really want to know is whether the bloodletting is nearly over...
CyberWorks' share price plunged 16% in one day last month, to $1.16. (It's down almost 70% from its February high of $3.38.) It was dragged down partly by NASDAQ's own lackluster performance, but there was another, more direct cause. Britain's Cable & Wireless, the parent of the Hong Kong firm, dumped a quarter of its 20.1% stake in CyberWorks, acquired after the merger with HKT was approved in August. According to analysts, the move suggested that Cable & Wireless expects CyberWorks' shares to fall further. "Actions speak louder than words," says Henry D.C. Lee, managing director of Hendale Asia...