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.
Thursday’s market jitters about Amazon.com, widely seen as the flagship
retailer
on the Internet, obscure the fact that overall, E-tailers collectively
have weathered
the month’s events better than any other sector.
Two in particular — eBay and priceline.com — have had great
performances in the face
of market adversity.
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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