Internet Stocks Hit Hard in Sell-Off

Published: 28 December 1999 y., Tuesday
Hit particularly hard were Web retailers, or "e-tailers," such as Amazon.com, which slipped 9.9 percent, to 81 1/8, and eToys, which plummeted 16 percent, to 25-15/16. Shares of America Online, which hosts one of the largest Web shopping malls, and auction house eBay also fell, although both stocks recovered somewhat from early-afternoon dives. Bright projections that Web Christmas sales would be triple that of last year had boosted e-tail stocks to new highs in November. And by most projections, the predictions may prove accurate. Forrester Research now says it expects holiday revenue to top $4 billion, while others peg it closer to $6 billion. But now, many investors are worried about how the companies are handling the windfall, analysts said. Online stores recently have been hit with complaints of shipping delays and technological glitches that have made shopping on the Internet more of a headache than a convenience. Toys R Us_s online store has been among the most troubled this season. Earlier this month, the company e-mailed customers saying it would not be able to fill their online orders by Christmas and offered $100 gift certificates for use in its stores. CDNow.com, Patriot Computer, known for its popular Barbie- and Hot Wheels-branded personal computers, and others flashed messages on their sites warning potential buyers that they could not guarantee Christmas delivery. Still, many of their stocks had remained high - helping boost the Nasdaq composite index, the Dow Jones industrial average, and the Standard & Poor's 500-stock index to record peaks on the day before Christmas Eve.
Šaltinis: The Washington Post
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Financial sector: preventing the next crisis

New legislation for pan-European supervision of credit rating agencies and a public debate on how financial institutions are managed. more »

Russia's accession to WTO and China's role in world economy were discussed in Vilnius

On 2 June in Vilnius, Lithuania‘s Vice-Minister of Foreign Affairs Asta Skaisgirytė Liauškienė and Deputy Director General of the World Trade Organization Rufus H. Yerxa discussed the main issues on the international trade policy agenda, Russia‘s WTO accession and the changing role of China in the world economy. more »

Globalisation fund: Budgets Committee backs aid to Spain and Ireland

2157 former construction workers in Spain and 598 ex-employees at the Irish crystal glass company Waterford Crystal with suppliers could get €11 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Wednesday. more »

Commission rewards Europe's best green businesses

Companies from the UK, Belgium, Germany and Spain have won the 2010 European Business Awards for the Environment. more »

Fisheries reform: firm backing for research but differing views on quotas

The planned overhaul of EU fisheries policy should devolve more powers to regions, protect small coastal fleets and boost aquaculture, said MEPs and members of national parliaments on Tuesday. more »

First JESSICA fund loan agreement signed with Lithuania’s Šiaulių bankas

The first in a series of loan agreements for energy efficiency investments in multi-apartment buildings was signed today between the European Investment Bank (EIB), as manager of the JESSICA holding fund in Lithuania, and Šiaulių bankas. more »

Estonia's euro

Despite the current economic crisis and tensions in the euro, Estonia is set to adopt the single currency in January. more »

'Polluter pays' principle for banks

Commission proposes a bank tax to cover the costs of winding down banks that go bust. more »

Strong EIB support for new energy investments in Greece

The European Investment Bank will provide a total of EUR 400 million to Hellenic Petroleum SA in order to increase the production of cleaner fuels via the upgrading of the Elefsina refinery. more »

The promotion of the electric vehicle in Europe, under examination

European ministers meet on Tuesday and Wednesday in Brussels at the final Competitiveness Council to be held during the six months of the Spanish Presidency, which has an agenda laden with important issues such as the electric vehicle, the European patent system and national R+D investment goals. more »