« It's Thanksgiving...Time for "Alice's' Restaurant" | Main | VoIP in the Headlines Once Again... »
November 27, 2003
Is the Tech Bubble Coming Back?
In the past few days news about funding into the IP Communications marketplace is starting to become an everyday occurrence. With the reported 58.5 million that Net2phone raised and the 35 million that Vonage raised it is clear that the investment community is starting once again to take a look at the IP Communications Industry.
But with this attention comes opportunities for what can be best characterized as "irrational exuberance." As I wrote recently, there is a sense that such a mindset is returning and with that is a warning to those who are not familiar with the marketplace that may learn a hard lesson in the near future.
It seems to me that only because of the words of Tobin Smith, editor of ChangeWave.com, which were published in the Forbes story, "Voice Broadband Breakout" yesterday by Forbes.com where Tobin Smith picked Packet8 over Vonage as his preferred Voice over Broadband Service Provider, yesterday the stock of 8x8 (NASDAQ:EGHT) jumped from what was under $4.00 when it closed on Nov 25th to a new 52-week high when it closed on Nov 26th in the after-market trading at $7.00!
The daily range on November 26th for EGHT was: 4.95 - 6.83. This is a stock whose 52 week low is 17 cents and whose new market cap is now north of $200 million.
If this isn't living proof of "irrational exuberance" I'm not quite sure what is.
Share this post:
Digg |
del.icio.us |
Reddit |
Newsvine |
Google Bookmark |
Yahoo MyWeb |
StumbleUpon
Posted by jeff on November 27, 2003 08:19 AM | Permalink
Additional resources: Watch PrimeTime TV Shows | Watch the Jeff Pulver Show | Jeff's Qik Videos