With its announced acquisition by EMC (NYSE:EMC) for less than $4 a share, we close the books on Iomega (IOM), one of the great — no, make that the The Original — Internet tug-o-war/message board stocks.
It seems much longer than 12 years ago that the battle over Iomega reached its crescendo as its stock peaked at close to $140 a share on the success of its Zip drive, a technological but especially marketing marvel. A portable hard drive — imagine that!
The bears, as usual, were early, claiming that prices would fall, competition would emerge and technology would zap the Zip.
The bulls, as usual, were blinded by the light.
“It was the start of an era,” recalls Jim “Rev Shark” DePorre of sharkinvesting.com, momentum investor extraordinaire, who wrote the book, “Invest Like a Shark,” and who was the most vocal of the Iomegans, as we called them back then. “It really is a good story on how momentum hit the mainstream.”
Them was the days. Iomegans, thanks for the memories. R.I.P.