Late this afternoon, I got two emails from CBS Marketwatch. While this is a normal event in my mailbox, their subjects were quite irregular.
At 4:15pm, this appeared: "EBay tops Q2 goals, raises outlook, sets 2-for-1 split." Then, 45 minutes later, I got this: "After The Bell Report: EBay tumbles on second-quarter growth, outlook."
The market must have had a nearly impossible outlook for eBay if this didn't please it. I just checked now, and eBay is at $110. That's 110X earnings vs 115X earnings this morning. It's hardly a significant change in it's valuation.
I can't help but think that irrational exhuberance is in charge, if in fact it ever left.
Just wait until the initial 2nd Quarter GDP number comes out next Thursday. If it's bad, everyone will point out how it's in the past and therefore isn't important. If it's good, it will be declared the Wave of the Future.
Posted by nicole at July 24, 2003 06:44 PM