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An Insider Shadow Looms Over a Stock's Party

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ANYONE nostalgic for the heady days of the tech stock bubble can rest assured: pockets of euphoria do remain. A quick consultation with investing chat rooms shows that speculation is alive and well. Consider FalconStor Software Inc., a provider of storage networking software in Melville, N.Y. Even though the company is not yet two years old and has amassed $10.9 million in losses, it is a very hot number on both the message boards and in the market. FalconStor's stock price -- up 33 percent this year -- gives it a market value of $385 million. That's 40 times its annualized sales, based upon the $2.5 million it generated in revenue in the third quarter.

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