Amazon's Drop Leads Net Stocks Sag
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News from Barron's that Amazon.com (Nasdaq:AMZN) is overvalued sent most Net stocks down at midday, followed by a drop in both the Dow and Nasdaq.
Shares of the mega-retailer fell 6 9/16 to 112 3/16 in early afternoon trading. internet.com's Internet Stock Index was down 16.26, or 3.17 percent, to 497.08, the Dow Jones industrial average fell 115.46 to 10444.28 and the Nasdaq Composite was down as well, slumping 39.29 to 2431.23.
News in the online broker sector of E*Trade Group's (Nasdaq:EGRP) acquisition of Internet bank Telebanc sent its stock down 4 to 40 1/2. The company announced the acquisition this morning as a stock deal valued at approximately $1.8 billion.
Also making news in the brokerage world, Merrill Lynch (NYSE:MER) announced a plan to offer new and expanded online brokerage services, sending its stock down 5.81 to 78.19. The online services are slated to begin in the upcoming months.
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