Terrible news about the stock market crash, eh? What do you mean, you hadn't noticed? It's chaos out there. Twitter has plunged 40% this year. Facebook is down 15% this month alone. Our very own Asos, online fashion champion, has fallen from £70 to almost £43 in six weeks.
The common theme, of course, is that these are all internet-cum-technology stocks, where a rethink of go-go valuations is definitely taking place. The rest of the market has also drifted lower, but 6749 to 6562 for the FTSE 100 index since the start of January plainly does not equate to an earthquake.
What did tech/internet investors expect? Twitter floated at $26 a share last November, went to $45 on day one and then raced to $60. Even after this year's fall, the stock still trades at $40. That's not a calamity; it's a healthy shake-out.
