At some high-flying Internet companies, officials were philosophical about the market drop.
San Mateo, Calif.-based Inktomi, the producer of a popular Internet search engine, went public at $30 a share in June and zoomed to a peak of nearly $89 in July.
The stock has suffered a merciless battering in the last week. After closing at $75.50 last Tuesday, it has fallen to $49--capped by an $11.06 plunge Monday.
Kevin Brown, Inktomi's director of marketing, noted that employees are prohibited by federal rules from selling their stock for six months after the initial public offering. "It's all paper wealth at this point," he said. "If everyone got into a tizzy every time Internet stocks when up or down, nothing would get done around here."