More on Corvis

The Corvis pick comes at an interesting time. Usually, Gilder pays no heed to valuation, focusing instead on pure technology. This time he has picked a stock whose valuation has been drastically reduced by the technology bear market. Following its IPO last summer, Corvis traded at a valuation of $25 billion, even though it had yet to receive one dollar in revenue. On Tuesday morning it was trading at about 8.00, giving it a valuation of $3 billion. If the company's promised contracts with Williams Communications Group and Qwest Communications come through, the company could hit $500 million in sales in the calendar year 2001. If Corvis lands some of the new customers it's been whispering about, the company could end up beating its guidance for 2001.