Following Tuesday’s warning of reduced revenues and an expected Q4 loss by New York-headquartered internet consultancy Razorfish [WAMN:13-Nov-00], its stock plunged by over 43%.
The warning was issued after the closing of the New York stock exchange and it was not until Wednesday that the market reacted to the news, with Razorfish stock value diving by 43.43% to $1.75. The fall follows a 52-week high of $56.94.
The acme and nadir in stock value reflect investors’ initial infatuation with the hi-tech sector as a whole and their subsequent disenchantment.
News source: Financial Times