BW Web 20 Takes a Hit
Just because you see a punch coming doesn't mean it won't hurt. Internet investors have learned this year just how true that is: The key benchmark for Internet stocks, the Amex InteractiveWeek Internet Index (IIX), is down 9.5% for 2006. It's actually not a huge shock: On Jan. 9, then-First Albany Corp. Web analyst Jason Avilio launched a much-discussed report that said a run in the second half of 2005 left Web stocks overpriced, even with the Net economy growing six times faster than the rest of the U.S. The stocks began tanking the next day.
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