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SMALLER TECH STOCKS GOT HAMMERED IN 2009
There's no surprise that stock of companies in the accounting space had a bad year in 2009. But it was clear that it was better to be a bigger, more diverse company, than a small one with a narrow focus.
The most noticeable thing is that the less diverse companies had a big difference between their highs and lows—the highs were three to five times the lows. Bigger companies with broader lines had less of a gap, slightly more than double with Microsoft. Intuit's difference wasn’t even double. For example, Epicor's low was $2.33 per share and its high $8.00. Deltek's price ranged from $2.90 to $8.94 over the 52 weeks. By contrast, Microsoft's range was $14.87 to $31.43, only a two-times difference and Intuit's high of $31.29 wasn't even twice the low of $21.07. By the way, the shares of all of these companies closed yesterday very near the highs, reflecting the recovery in the market.
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