Prices of technology-based stocks have been officially declared “loony.” Leading the charge in this craze is Amazon.com, which closed last week at $4 billion per share, up from its opening price of 32 cents. Yahoo!, which 9 out of 10 investors thought was a chocolate drink one year ago, is now trading at $9 billion per share, and is expected to hit the trillion dollar mark by the middle of February.
Things are getting so out of control that the new company Milkshakes.com, whose IPO started trading at $13, shot up to $400 in two days. “It’s absolutely friggin’ boojie,” said Arnold Wilkins, of Smith Barney Fred & Dino. “That stupid company sells you milkshakes over the Internet! How the hell does that work? By the time it’s delivered, the damn shake is completely melted and spilled all over the box.”