Interesting Net Commentary:
E-tailing stocks post huge Black Friday gains
By Larry Dignan
November 27, 1998 1:30pm
ZDII
It was a big day for real-world retailers on Friday, but investors continued to go bonkers over the online variety. The Nasdaq was up 31 to a record-high 2016 in abbreviated trading. The Dow Jones industrial average rose 18 to 9333.
Light trading and a 1 p.m. EST market close helped magnify the gains of e-tailers. The most active Nasdaq issue was Books-a-Million Inc. (Nasdaq: BAMM), closing up 26 to 38 15/16, a gain of 200 percent. The gains were on top of a big gains Friday after the company launched an enhanced Web site.
Books-a-Million was joined by other e-tailing stocks as Egghead.com Inc. (Nasdaq: EGGS) rose a whopping 10 3/16 to 31 5/8, Onsale Inc. (Nasdaq: ONSL) jumped 37 5/8 to 97 5/8, and CDNow Inc. (CDNW) added 9 7/8 to 26 7/8. With those gains, Egghead.com looked like a laggard -- only up 47 percent. Open Market Inc. (Nasdaq: OMKT), which supplies e-commerce software, gained 8 5/16 to 20 3/4.
With shares of Amazon.com, eBay and Yahoo! all trading above the $200 mark, investors have been flocking to the second-tier names, which appear to be relative bargains.
Amazon.com Inc. (Nasdaq: AMZN) gained 6 5/16 to 216 5/8, Yahoo! Inc. (Nasdaq: YHOO) surged 7 1/16 to 216 15/16, and eBay Inc. (Nasdaq: EBAY) added 13 1/2 to 218. Lycos Inc. (Nasdaq: LCOS) was up 2 11/16 to 65 1/4 and America Online (NYSE: AOL) jumped 2 1/2 to 94 3/4.
Aside from the e-tailers, which occupied the Nasdaq most actives, there wasn't a lot going on.
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