Worst. Day. Ever.

Six years ago today, the government reported that consumer prices rose 0.7% in March 2000. This totally freaked out the market, especially the tech sector. The Nasdaq Composite plunged 355.49 points, its largest drop ever.
But that was only the beginning. Before it was all done, the index dropped by another two-thirds. Six years on, the Naz is still down 30%.
If I had to pick the most absurd moment of the Internet craze, it would have to be November 13, 1998. That’s the day TheGlobe.com went public.
The company tried to go public once before, but there wasn’t enough interest. The second time, however, worked. The shares were priced at $9. The stock opened at $87, climbed to $97 and finished the day at $63.50.
Six years ago today, the stock dropped 19% to $3, and by April 2001, the shares were delisted.
Thanks to the magic of the pink sheets, the stock lives on. TheGlobe.com (TGLO.OB) closed yesterday at 24 cents a share. (The stock split 2-for-1 in 1999).
Here’s what the chart looks like. This is what’s called “significant net capital migration.” (FYI: I have an MBA).
Since the market is close today, I thought I’d pass on a few links. The Food and Drug Administration approved a new drug to treat alcoholism.
Michelle Leder, of Footnoted, has an article in Slate on “2005’s Most Appalling Tax Giveaway.”
The Indian post office will now invest in the stock market. That can’t be a good sign.
The Saudi stock market continues to get pummeled.
And finally, here’s the 1986 World Series on RBI Baseball.

Posted by on April 14th, 2006 at 11:08 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.