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Pegasus Research International Reports Things Are Grim for Technology

NEW YORK CITY-The week begins with things appearing dismal for technology companies after last week's market closed. The Pegasus INTDEX closed last week down 29.7 points and the NASDAQ finished down 311.8 points. New York-based Pegasus warns that the worst is yet to come.

By Amy Vaughn | Updated on October 09, 2000

NEW YORK CITY-While e-businesses continue to announce expansions of office space, acquire new buildings and keep the vacancy rates around the nation at all time lows, particularly in Manhattan and San Francisco, their future seems shaky as stock prices wane. Lexington Avenue-headquartered Pegasus Research International, in analyzing last week’s feeble technology stock performance, pronounces the future of these companies dubious at best. The doom of e-companies could be a blessing to those seeking affordable office space, but the slackening of the real estate market could contribute to greater economic woe.

Pegasus finds last week’s 15% loss of average Internet stocks, as well as Pegasus INTDEX’s drop of 6.4% and NASDAQ’s 8.5% drop for the week, are symptomatic of a slowing of revenue growth for many Internet companies. Lower tier companies are reportedly threatened with immanent liquidation or takeover. This will trickle to advertising companies, as only “blue chip” players like Yahoo and AOL see marketing dollars from those e-businesses left standing, spelling disaster for smaller sites.

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