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TECH INVESTING Nasdaq's Help Goes Only So Far Many tech firms are in too deep to benefit from temporary lifting of listing rules.(INTERNET & TECHNOLOGY)
Byline: Jed Graham
The Nasdaq was responding to a real economic shock when it suspended delisting rules last week.
But even before the Sept. 11 terror attacks, the tech-heavy index was suffering its worst period in history. It didn't seem like life could get much bleaker for hundreds of formerly high-flying initial public offerings.
More than 500 Nasdaq companies, almost one in every eight, now trade at less than 1. That tops the number that trade above 25.
Those are the companies that the Nasdaq's rule change is meant to help. But the move won't do much to stop the shakeout of recent IPOs, analysts say. Only signs of an economic rebound could do that.
"The Nasdaq continues to live in the fallout from its bubble," said Scott Bleier, chief investment strategist at New York investment firm Prime Charter Ltd. "The final washout hasn't come."
The Nasdaq is down 71% from its March 2000 high, and nearly two out of every three of its stocks trade below 10.
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