Looking for a little holiday cheer? Check out the Byte and Switch Index. Our collection of storage networking stocks to watch continues a general trend upward, demonstrating the overall growth of the market in 2003. So far, signs are good for momentum to continue modestly into the new year.
As shown in the graphic here, nearly all companies in the Index saw their share price rise at least 20 percent between January 2, 2003, the first day of trading for public companies this year, and today -- notwithstanding a downward dip last month.
The following companies can even boast triple-digit share price growth:
- Crossroads Systems Inc. (Nasdaq: CRDS) -- 200%
- Dot Hill Systems Corp. (Nasdaq: HILL) -- 381%
- EMC Corp. (NYSE: EMC) -- 102%
- FalconStor Software Inc. (Nasdaq: FALC) -- 117%
- Maxtor Corp. (NYSE: MXO) -- 114%
- MTI Technology Corp. (Nasdaq: MTIC) -- 443%
- Veritas Software Corp. (Nasdaq: VRTS) -- 116%
Improvement in share price doesn't necessarily mean these stocks are selling at high prices: MTI Technology, for instance, was trading at $2.38 this morning. But at this time last year, it was a penny stock, trading for $0.44. Likewise, Crossroads Systems was trading at $2.80 early today, but it was at $0.93 on January 2, 2003.
There's also no correlation between stock price growth and better financials. MTI, for instance, continued to report losses in its latest quarterly report (see MTI Posts Q2 Results). The point to note is the sense among investors that the storage market in general is on the upswing.