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Friday, April 26 | ||||
VeriUgly
VeriSign (VRSN) maintains a monopoly on the Global Registry for .com and .net domain names, and receives $6 for every name sold regardless of who sells it. But what good is monopolizing a service that so few need or want (or want to renew)? The stock dropped 60% this week and is down a mere 96% off the high. Nothing reveals the euphoric boom and devastating bust of the Internet sector better than the VRSN chart. An excerpt from noted short-seller Manuel Asensio's August 30, 2001 report on VeriSign:
"Analysts continue to recommend the purchase of VeriSign shares despite the fact that its current
stock price fully reflects the highly uncertain event that it will meet or exceed their unreasonable projections. We feel
these recommendations and projections are based not on independent analysis of complete and transparent data, but instead are
based on incomplete, inaccurate, highly managed morsels of highly questionable information provided by VeriSign."
He was right despite his inability to write. ;-) |
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