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Wednesday, September 20, 2006

Internet Space Took A Dive

Right after 11.30 ET, when Yahoo!(YHOO) warned that it is seeing slowing/weakness growth in Auto & Financial services advertising & that results are expected to be at the lower end of prior guidance , its stock took a dive from $29 before finding support at $25 (near Mid July low), all within less than 1/2 hr.

And dragging down with it GOOGLE (GOOG) as well. GOOG fell like a rock, down almost $20 before finding support near $392 (the gap between 12/9-13/9). With several analysts out defending GOOG after this sell-off, it managed to gain some ground & close @$403.8

The YHOO news together with the political unrest in Thailand shook the overall stock market, on a day when range bound trading is expected ahead of FOMC meeting. Well, the stock market is unpredictable....


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