E-tailers Holding Their Own
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Whatever qualms Amazon.com stirred in the market Thursday after it warned of deepening losses in the next two years appear to have been short-lived.
After dropping 13% to $168.25 a share at Thursday's market close, the online retailer opened trading Friday morning at $177. While that figure is still well under Wednesday's closing price of $193.50, it's above where Amazon.com's stock began the month (closing on April 1 at $171.)
It's also only slightly off from the stock's $178.38 close on April 13, the eve of what would be the first of two major corrections that rocked the Internet sector.
Like so many other Internet stocks in this turbulent month, Amazon.com has traded within a wide range, closing as low as $158.94 on April 19 -- the date of Correction No. 2 -- and as high as $210.13 just four days later.
Online auctioneer eBay closed on April 13 at $172.88. It opened Friday morning at $216.88. So despite two market corrections, eBay shares rose 25% in that time period.
Priceline.com's surge has been even more impressive. Since closing on April 13 at $81.50, the name-your-price retailer has skyrocked 86% as of Friday's $151.50 opening.
Meanwhile, others that were hit hard by the double corrections in April have clawed their way back into the game.
Net.B@nk, for example, plummeted from $235.03 on April 13 to $139.88 on April 19.
It opened Friday morning at $179.31 and was rising in early trading. While that might seem like a long way from the April 13 high, the $235.03 itself was a spike driven by a 3-for-1 stock split announcement. It would be more reflective of reality to look at Net.B@nk's April 12 closing, which was $158.50.
And online broker E*TRADE opened Friday at $122, just $3.50 shy of its $125.50 close on April 13 and 65% above the $73.81 closing price on April 19. Since April 1, when it closed at $60.88, E*TRADE's stock has doubled.
Not bad for a bad month.
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