Big plunge just on the Earthlink deal. Shows again how much the stock market is uninformed. The fact that Google was about to compete with Overture was known since late December. Some uncertainty should have been factored in the price. OK, they lost a deal. I expect a bounce back. In fact, it already came back from 17.92 to 19.77 after hours, but I don’t have available cash at hand to act on it. $24 within 5 days would mean a cool 20%. There’s already been so much volume (biggest day ever) on the way down yesterday, I figure people really over-reacted.
Update (at about 1PM EST): Day’s Low: 19.30, Day’s High: 23.20, Volume 10.77 Mil, it sucks to be right without cash ready at hand. The intraday chart shows it wasn’t even hard to get under 20.5 this morning.
02/13/02 update: Numbers Go Over the Top at Overture. The only comfort I take from seeing OVER climb to $28 is saying to myself: "I would have sold at $22.5 anyway".
02/19/02 update: OVER even got as high as $33. See A Momentum Investor Who’s Sticking to his Guns.