Proof that logic has no place with Internet stocks and that the broad market moves can take center stage: The big earnings (or lack of) news today is
No matter the results Wall Street's hammering of technology shares across NASDAQ and ISDEX discounts ahead the traditional summer slowdown in technology. Against the tech sector selloff ISDEX ends the day at 597.51 with a change of-39.48 (-6.20%).
Preview Travel (NASDAQ:PTVL) bucks the market downturn with an 11% rise today to $28 per share on no specific news. Yesterday, however, the Web-based travel provider said it opened a second call center to support its growth staffed with 200 representatives fielding travel questions. A bullish sign in my book.
AOL (NYSE:AOL) blows away expectations with its quarterly results and the market's own renewed mad cow myopia ignores it (for now). At this juncture the market may be expecting more moves in the ecommerce and ad realm from AOL. I think AOL has untapped leverage in these two areas especially.
Amazon.com (NASDAQ:AMZN) posts $293.6 million first-quarter revenue vs. $87.4 million 1Q98. Net loss is $0.23 per share after the close, beating First Call's consensus $0.29 loss per share. AMZN shares are off 6% to $193.50. AMZN shares may have run ahead of themselves this year on acquisitions which haven't yet been fully integrated. Where's shopping search engine Junglee for example?