Oil Up, Market Down: Market Recap
The market's getting crushed silly as another storm heads toward the Gulf.Gold is sky high, no ones knows what the Fed will do tomorrow, and Tyco ex execs get the slammer for living the lifestyle of the rich & stupid.
Too much for us -- we'll stick it out on the sidelines if you don't mind.
Good news from sports apparel giant Nike won't be enough to throw us into this madness.
Regrettably, not one of our latest buy recommendations seems to be holding up within all this uncertainty.
However, eBay -- which we suggested you reduce after it paid up to $4 billion dollars for Skype! last week-- was downgraded by Bear Stearns this morning.
Analysts at Bear said 2006 "will be a year of investment" for the online auctioneer.
We're only going to say it once: eBay overpaid for Skype -- not because internet telephony won't be huge or because Skype! had skeletal revenues & profits last year.
Rather, eBay overpaid because Skype's business model is easily replicable.
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