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Running From Bears
Wall Street sentiment takes another turn for the worse and the Asiaweek/CNN Internet Index gets run over

Rampaging bears on Wall Street, set loose by earnings disappointments from high-profile tech companies, trashed the Asiaweek/CNN Internet Index in the last 30 days. How bad was it? Out of the 40 technology and Internet stocks in the index, 37 registered declines. The average skid was 18%. If your company happened to have ".com" in the name, our condolences. The share prices of Internet service providers, portals and other pure Internet plays continued to evaporate with declines of 30% and more. Telecommunications stocks offered the only shelter. Next-generation phone company Crosswave Communications and I-Mode provider NTT DoCoMo managed modest gains, as did South Korea's Hanaro Telecom. Isn't it about time for a holiday-season rally? We need a break from the carnage.

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