April 26, 2011
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of India-based Internet service vendor Sify Technologies (Nasdaq: SIFY ) are soaring today, jumping as much as 10.3% on very heavy trading.
So what: Sify has been known to pop or plunge drastically for no particular reason, except maybe to celebrate phases of the moon or the fact that it's Thursday. The market-moving news this time is ... well, nothing, except perhaps general exuberance over Indian online businesses, since Rediff.com (Nasdaq: REDF ) just announced a Groupon-like coupon service.
Now what: OK, this is getting ridiculous: Rediff has doubled in the last three months, while Sify nearly tripled. Rediff trades at 44 times trailing sales and is not profitable, and Sify's numbers are even scarier. If you have a yen for this kind of investing, you might as well buy a lottery ticket instead as there's no telling which direction these stocks will jump next.
Interested in more info on Sify Technologies? Add it to your watchlist.