Fears about interest rate increases spark a selloff in the broad market early in the day, but it recovers somewhat in late-afternoon trading.
The ISDEX moves sideways as investors cherry picked the stocks worth owning (at least this week). Today’s snapshot:
Amazon.com (NASDAQ:AMZN) climbs 8% after it acquires a minority stake in Drugstore.com. Amazon.com holds 46% of Drugstore.com’s outstanding shares as of December 31, 1998. We reported this but here’s the new twist–the 8% pop today in AMZN shares adds more than $1.5 billion to AMZN market value.
While we think the pharmaceutical market is big, delivering medicine looks like a riskier business than books. Books are good medicine too, but if medicine isn’t delivered on time, it’s a very different scenario than if the latest bestseller is a few days late in arriving.
Media Metrix, which leads the market in Internet audience measurement, files for IPO and wants to raise $48.3 million. It is another in the long line of offers that continue to flow, following behind theStreet.com and iVillage, who also filed recently. More on these Friday in my analysis of IPOs.
Earthlink (NASDAQ:ELNK) gets a “buy” recommendation from investment bank Ladenburg Thalmann.