RealTime IT News

Amazon Stays Strong Amid Broad Weakness

On Thursday, the market bought Amazon on expectations that the first quarter results would be good. Today, they continued buying after having their optimism reward and getting mroe good news.

Amazon executives said on Friday that revenues were up by 28 percent for the first quarter of 2003 to $1.08 billion. And that in the second quarter, it is projecting sales between $1 billion and $1.05 billion, which is up 24 percent to 30 percent from the same quarter a year earlier. It expects second-quarter operating income to come in between $45 million and $60 million.

Another winner for the day was Verisign which gained 7 percent after A.G. Edwards issued a target price of $15. The stock ended the day at $10.87. Yesteray, the company announced first quarter revenue that was slightly higher than expectations.

The broader markets were off following release of the first-quarter GDP at a lower-than-expected 1.6 percent; the forecast was 2.1 percent.

The Dow lost 1.5% to close at 8,306. The Nasdaq lost 1.5% to close at 1,434.

Market Commentary: Paul Shread is on vacation. The technical analysis will return on Monday at http://www.InternetStockReport.com.