“Penny Stocks” To Be Sure – But These Are On NASDAQ
By Jack Burney Published by OTCNN.com
10/12/2000 10:35 AM EST
On a given day -- say, last Friday -- you can read the numbers:
Ascendant Solutions, Inc. (ASDS) closed at $0.66. E-Stamp Corporation (ESTM) closed at $0.91.
“Penny stocks?” Obviously, but these “penny stocks” aren’t on the Pink Sheets, or even the OTCBB. They are listed on the proud and superior NASDAQ.
Fogdog, Inc. (FODG) closed at $0.75.
PlanetRx.com, Inc. (PLRX) closed at $0.44.
Talk City, Inc. (TCTY) closed at $0.91.
These NASDAQ-listed “penny stocks” were part of the soaring Internet sector of that market. They took investors on a dizzying ride before dropping them like a sack of potatoes. The loss on the NASDAQ “pennys” from their 52-week highs was impressive:
Ascendant Solutions dropped 98.0 percent.
E-Stamp Corporation dropped 98.0 percent.
Fogdog, dropped 96.6 percent.
PlanetRx dropped 98.4 percent.
Talk City dropped 96.9 percent.
These were the worst of the crashers. But there are others almost as guilty of disguising themselves as winners when they were “NASDAQ penny stock losers” all along. Among them:
FASTNET Corporation (FSST) closed at $1.88, down 91.5 percent.
GSV, Inc. (GSVI) closed at $1.81, down 97.5 percent.
ImproveNet, Inc. (IMPV) closed at $1.25, down 93.8 percent.
iTurf Inc. (TURF) closed at $1.19, down 95.3 percent.
Landacorp, Inc. (LCOR) closed at $1.97, down 90 percent.
N2H2, Inc. (NTWO) closed at $1.69, down 94.9 percent.
No, it wasn’t just a few listings that qualified for the “NASDAQ Penny Stock” club. The exposure of these “pennys” was much more widespread. For example:
Netpliance, Inc. (NPLI) closed at $1.91, down 92.7 percent.
Promotions.com, Inc. (PRMO) closed at $1.38, down 96.1 percent.
Rainmaker Systems, Inc. (RMKR) closed at $1.81, down 93.8 percent.
Snowball, Inc. (SNOW) closed at $1.00, down 95.0 percent.
Telemate Net Software, Inc. (TMNT) closed at $1.63, down 92.4 percent.
Topjobs.net.plc (TJOB) closed at $1.91, down 90.5 percent.
Of 173 NASDAQ Internet stocks researched, not one lost less than 80 percent of its value from its 52-week high, and 99 of them loss more than 90 percent.
The point is clear. OTCBB has grown in stature and respectability, while recent events have exposed the extensive downside of the once high-flying NASDAQ. If you are going to use the slurring term “penny stocks,” for OTCBB stocks, you must apply it as well to NASDAQ stocks. Or better still, drop it altogether.
Cheers
Voluntary Disclosure: Strong Buy : Long and Short Term
Cheers
Voluntary Disclosure: Strong Buy : Long and Short Term
