It is an interesting theory, and it might be nice if it were true. But it is not. Here's what happened this month that's actually relevant:

* JP Morgan started coverage of etoys with a mere "market perform" rating, saying it won't be the next amazon. JP Morgan analyst Tom Wyman set a price target of $50 in one year, essentially forecasting no increase.
 
* etoys insiders said they were selling off a million shares
 
* Media Metrix reported toysrus.com has surpassed etoys in weekly visitors
 
* toysrus.com grew 355 percent from last year as opposed to etoys' 52 percent increase
 
* toytime.com was the largest ecommerce gainer in any category, according to Media Metrix
 
* Only one of 11 analysts following etoys stock rated it a "buy"

In fact, etoys' successful assault on etoy.com could have prevented shares from slipping lower. Investors might well have been encouraged by even a preliminary legal victory by etoys. Second, even if you buy the theory that investors reacted to the news, why would they wait until 2 December to price in a report that came out on 1 December? It sure doesn't take 24 hours for the market to react.

There is room for optimism in Internet activism. But extraordinary claims, such as the one below, require extraordinary proof. Correlation does not equal causation, and wishful thinking does not make it so.