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

Fortis Bank Nederland and ABN AMRO Bank Nederland - Commission grants extension of deadline for implementation of remedies

The European Commission has decided to grant an extension of the deadline for the divestment of Fortis' corporate banking business, consisting of Hollandsche Bank Unie N.V. (HBU), two corporate client departments, 13 "Advieskantoren" and ABN AMRO's Dutch factoring activities to Deutsche Bank. more »

MEPs back support for milk sector

MEPs will vote on an emergency plan to help the crisis-stricken sector dairy sector on Thursday after the Agriculture Committee approved the Commission's proposal on Monday evening in Strasbourg. more »

EBRD invests in leading retailer in Montenegro

The EBRD is boosting competition in the Montenegrin retail sector with a loan to expand the supermarket network of one of the leading retailers in the country. more »

Steve Ballmer on SharePoint: A Great Tool for Pumping Up Productivity

Redmond, Wash. — Oct. 16, 2009— On Oct. 19, Microsoft CEO Steve Ballmer heads to the sold-out Microsoft sharepoint Conference in Las Vegas where he will address more than 7,000 sharepoint customers, partners and developers. more »

Charting a course for maritime policy and sustainable fishing

Proposals tabled for collaboration on sea surveillance, bigger EU role in global maritime affairs and sustainable fishing. more »

EBRD loan helps Noble Group take off in Ukraine

$50 million financing package for agricultural commodities operator. more »

Norwegians move sheet-metal production to Lithuania

Seeking to increase sheet-metal production volumes, Stansefabrikken decided to move all company’s production from Lillesand (Norway) to Stansefabrikken’s successfully operating factories in Lithuania. more »

The Baltic Sea Region: The best place to work and do business

The European Economic and Social Committee (EESC) and the European Commission Representation in Finland jointly organise a conference in Helsinki on 22 and 23 October on "The Baltic Sea Region: the best place to work and do business". more »

Closer look to reality or hard landing of Baltic tiger

Why did economy rise drastically turn into painful decline and what price will every of us have to pay for that? more »

EBRD revies down 2009 economic forecasts, sees fragile recovery in 2010

The economies of central and eastern Europe are expected to contract by an average of 6.3 per cent in 2009 following steep output declines in the first half of the year. more »