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The market's doing its best imitation of a healthy Superman this morning - up, up, and all that - but Jupitermedia has been left on the sidelines.  Following the corporation's report on its fourth quarter earnings, Jupitermedia's stock is acting in a less than heroic fashion.

 Jupitermedia's Stock Problems

It's not so bad that we're going to use any "falling from the sky" or kryptonite-related comparisons.  It's just not good.  The Nasdaq has risen by 2.26 percent so far, but Jupitermedia is down by 3.50 percent.  On to the earnings, then.

Dan Wieman writes, "The company reported a slight revenue increase in 2007, but earnings per share came in at a negative $2.13 per share.  This earnings number is discouraging and a bit misleading.  Excluding its one-time charges and non-cash items, their earnings for the year would have been $0.06 per share."

But here's another problem: "the impairment charge of $82.2 million, or $2.28 per share.  Jupitermedia still has $143 million in goodwill on its balance sheet.  Total shareholder equity is still $160 million, or $4.44 per share.  So, why write-down only $82.2 million? Maybe the company can't due to some accounting rule, but it is the season for massive write-downs of fake assets. There is not only this, but the company provided no information about this impairment charge."

In other recent Jupitermedia news, the company announced its acquisition of eStockMusic.com exactly one week ago.