Who says the tech boom is over?

Does anyone else remember the time, back in the late ’90s, when American daytraders discovered an Australian company called Email Ltd. (now owned by Smorgon Steel), and proceeded to bid its price up into the stratosphere before they realised that it was a steel-and-whitegoods group? Well…


Who says those days are over? Spotted on the Reuters wire this morning:
04:36 12May2004 RTRS-UPDATE 1-HEI leaps on erroneous Google ownership report
(Adds details, share price)
NEW YORK, May 11 (Reuters) – HEI Inc. shares jumped nearly 40 percent early on Tuesday after the maker of microelectronic and software systems was incorrectly identified in a news report as holding warrants in Internet search engine Google Inc.
HEI shares gave back most of those gains after the company issued a statement denying it owned Google warrants. Meanwhile, shares of the company that does hold the warrants, executive recruiting company Heidrick & Struggles International Inc., jumped to near a three-year high.
Early in the trading session, Dow Jones Newswires, a unit of Dow Jones & Co., published a report that erroneously identified HEI as owning about 1.2 million warrants for class B Google shares, HEI said. Google filed recently for a long-awaited initial public offering of stock.
However, it is Heidrick & Struggles that owns the warrants in question. Heidrick reported holding the shares in its quarterly report with securities regulators on Monday.
Both traded on Nasdaq, HEI’s ticker is HEII and Heidrick’s is HSII.
Representatives of Dow Jones could not immediately be reached for comment. Dow issued a corrected report identifying Heidrick as the owner of the warrants later on Tuesday.
HEI shares were up 8 cents, or 3.5 percent, at $2.38 in afternoon trading. Before the Dow report was corrected and the company issued its own statement, the stock had risen to as high as $3.20.
Heidrick shares, meanwhile, were up $1.15, or 4.5 percent, at $26.60. Earlier in the session the stock rose to as high as $28.77, its highest in nearly three years.
((Reporting by Michael Learmonth, editing by Eddie Evans))
Wednesday, 12 May 2004 04:36:29
RTRS [nN11517056] {EN}
ENDS

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