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

Taxation: Removing cross-border tax obstacles for EU citizens

Today, the Commission published a Communication which outlines the most serious tax problems that EU citizens face in cross-border situations and announces plans for solutions. more »

State aid: Commission opens in-depth investigation into Hungarian support measures for national airline Malév

The European Commission has opened a formal investigation under EU state aid rules to examine a number of support measures, including several capital injections and shareholder loans, that the Hungarian authorities granted to Malév-Hungarian Airlines in the context of its privatisation and subsequent renationalisation. more »

Fake Chinese products spread

Internet and lax customs enforcement drive growth of 600 billion US dollar counterfeit goods industry. more »

Report: millions escape poverty

350 million people rose out of poverty in the past decade, but 1.4 billion are still extremely poor, says the latest report into rural poverty. more »

Getting more people into better jobs

New plan sets out action to reach 75% employment target for the EU by 2020. more »

Innovation Union: three new European research infrastructures on wind, solar and nuclear energy announced

Research Ministers of the EU Member States and Associated Countries, together with the European Commission, are announcing in Brussels today three new pan–European energy research infrastructures. more »

Commissioner Šemeta visits Moscow to strengthen EU-Russia customs cooperation

Algirdas Šemeta, Commissioner for Taxation, Customs, Audit and Anti-fraud, is visiting Moscow today to discuss ways in which customs cooperation between the EU and Russia can be reinforced. more »

ECB must go on participating actively in tackling the economic crisis

Following on from Monday's debate with ECB President Jean-Claude Trichet, MEPs on Tuesday adopted a resolution, by a show of hands, gauging the ECB's performance in 2009 and suggesting actions to be taken in view of the economic situation. more »

Parliament approves aid to unemployed people in the Netherlands

The European Parliament today approved €10.5 million in European Globalisation Adjustment Fund aid to over 3,000 people in the Netherlands who lost their printing and publishing sector jobs last year, due to the economic crisis. more »

France unveils Taj Mahal gold coin

A diamond-studded gold coin engraved with a picture of the Taj Mahal and worth 100,000 euros is unveiled at the Paris mint. more »