Americans are rushing to snap up shares in Internet companies on the day the market closed with two Internet-related stocks increasing their values by more than 50 per cent.
Jonathan Cohen, an analyst at Merrill Lynch said the investors were ignoring many of the fundamental reasons for investing, such as a company's turnover and profits. "We are having a hard time getting them to focus on the top line, never mind the bottom line," said Cohen.
Egghead Software, now Egghead.com, and Inktomi rose by 64 per cent and 53 per cent respectively on Monday, after analysts improved their ratings and they released new products.
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