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

First Japan-Baltic States charter flight

On August 4, the first chartered flight of "The Japan Airlines" will arrive from Tokyo in the Baltic States and land in Riga. more »

EBRD water loan to help construction of affordable housing in Siberia

1.6 billion rouble loan to overcome problems holding up expansion of city of Surgut more »

Nordic Shared Services & Outsourcing Forum 2009, 26 – 27 August, Sweden

Nordic Shared Services & Outsourcing Forum 2009, 26 – 27 August, Sweden more »

Lithuania among Least Expensive Countries in Europe

Results of the latest price survey by Eurostat show that Lithuania is on the list of the TOP 10 least expensive countries in Europe. more »

Digital economy can lift Europe out of crisis, says Commission report

The European Commission's Digital Competitiveness report published today shows that Europe's digital sector has made strong progress since 2005. more »

Obama talks GDP, jobs

US President Barack Obama said that the economy was weaker than he thought when he took office, but there are signs of improvement. more »

EIB and UniCredit support the economy in Central and South Eastern Europe: total funding scheduled in 2009 in the region exceeds EUR 1.2 bn

The EIB and UniCredit Group strengthen their cooperation to implement the Joint Action Plan of the largest multilateral lenders in Central and Eastern Europe who have committed to provide up to EUR 24.5 bn lending to the SME sector hit by the global economic crisis. more »

During the first six months of this year AB Bank SNORAS earned LTL 24 million profit

Within the first half of 2009, AB Bank SNORAS earned LTL 24 million of unaudited profit. more »

69% of workers helped by EU globalisation fund found another job

10,000 workers were helped by the European Globalisation Adjustment Fund (EGF) last year and of these, more than two-thirds found a new job, according to a report adopted by the European Commission today. more »

SEB awarded as the best Internet bank in Lithuania

SEB recently won awards for best consumer Internet banks in Lithuania and Latvia in a ranking presented by Global Finance Magazine. more »