No Earnings is No Earnings

But new offerings once again transcended the southbound Nasdaq, racking in impressive first-day gains. Speechworks International, which makes software for speech-activated services, zoomed to a closing price of $56.75, a gain of nearly 184 percent over its $20 offer price. Western Multiplex, a maker of broadband access systems, jumped a more moderate 16 percent today, adding $2 to its $12 offer price.

The NASDAQ, for all practical purposes, crashed last week. In spite of that, last week's IPO's performed astoundingly. Avici went up 135% on it's first day, for instance (lucky Rusty, eh?). Blue Martini software did something similar, and I can't even figure out what the hell they make!

It's like putting all your hope in the new and writing off the old. I mean, they run up these new companies and squash all the old ones. Why are the new companies with no earnings any better than the old companies with no earnings? Because they are new?

Seems sick and wrong to me, but then I've been going gang-busters on fuckedcompany.com in the last two weeks. Perhaps I'm a tad cynical.

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