Wednesday, December 17, 2008
Burgher Jon is tracking a basket of Pittsburgh stocks. There is also a Bloomberg Pittsburgh index focused on Pittsburgh based firms. Looks like it has been doing at lot worse than even the market has been doing in the last few months which says a lot. I wonder how much local investors weight investments in local firms. That all just came to mind because on Bloomberg radio somebody mentioned that the stock for Ariba is having a high volume day or something like that. Ariba stock, currently around $7/share, was valued at an equivalent $989 in February 2000. Four years later it would buy out Pittsburgh-bred Freemarkets that was once Pittsburgh's beachhead in the dot-com mania that was going to save us all. Who recalls that when Freemarkets went public and it's IPO gave it a market capitalization of just under $8.5 billion that day making it one of the most valuable private companies in the whole region. It was December 1999, we should have had an anniversary party last week or something. But the point is, massive stock losses are not exactly a new thing, at least in specific cases.