Why the Internet Stock Bubble Refused to Burst

When Internet stocks and other market darlings such as cable and computer companies hit the skids early last week, a cry arose from the cobwebbed corners of Wall Street where things like dividends and profits are revered--finally, the curmudgeons could crow about reality setting in. EBay, selling at 8,000 times earnings, had been exposed; Net mania was over. By week's end, though, those who would deflate the bull market in profitless companies got a familiar lesson: bubbles die hard, and this one still had air.

After the NASDAQ dropped 5.6% on Monday, wounded highflyers regained their strength for the umpteenth time....

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