There has been nothing like this before. A feeding frenzy that is unparalleled in the history of the stock market. There are outlandish price targets and gains coming just because a stock is splitting or has split. And daytraders are throwing their money at a stock without knowing anything about the company.
OK, we have seen this before. With biotech in the 1980s and with most other Internet stocks for much of the past two years. But there's no question that there is a buying frenzy among the
TheStreet.com Internet Sector
index was recently up 20.66 points, or 1.8%, at 1149.66. And while the DOT has soared in recent weeks, the B2B plays have been even more outstanding. If you had stuck with the B2B
picks of our resident maven
, you would be up about 42% in four weeks.
fits nearly all of the above examples that describe the euphoria. It had an outrageous 1,000 price target
slapped on it. The company's shares were trading at a "discount" after splitting 3-for-1 last Thursday. And how many people know that the company makes software for connecting industrial buyers and suppliers online? What does that even mean, for heaven's sake? About the only fundamental thing people know about is they have some kind of deal with
. Commerce One was up 68 9/16, or 27%, at 326 in recent trade, just points away from the 1,000 price target on a split adjusted basis.
Among other B2B stocks that were flourishing was
, up 38 1/4, or 23%, at 206 for no reason that we could find other than being a B2B play.
, a Commerce One competitor, was up 22, or 12%, at 204 3/4.
was up 33 7/16, or 12%, at 302 1/2, and
was up 26 1/2, or 19%, at 167 7/8.
The prospect for a stock split is one reason why high prices are not an obstacle. Message boards are loaded with calls for stocks to split, including
, which was up 20 5/8, or 8%, at 270 5/8.
featured the company in a
story earlier today. And
, which will split next month, was up 11 3/16, or 6%, at 193 3/4.
, which has had a monster B2B-like move on another market favorite -- an announcement of an alliance with a major Internet player. The Israeli Internet services provider said that it would join with
to jointly produce a Hebrew-language portal to be called
. Internet Gold will own 50.1% of the company, while Microsoft will own 49.9%. Internet Gold was up 17 1/4, or 121%, at 31 1/2, though Microsoft was off 1 3/8, or 1.2%, at 117 3/4.