From Bloomberg:
Wed, 20 Jan 1999, 5:36pm EST
New York, Jan. 20 (Bloomberg) -- U.S. stocks were mixed, surrendering most of the day's gains. Microsoft Corp. led a rally in computer-related shares after posting better-than-expected earnings, while Internet companies sank on concern their sales and earnings prospects don't justify their prices.
"People did their Christmas shopping on the Net, got excited and bought Internet stocks," said Ken Pasternak, chief executive of Knight Securities, one of the largest market makers in Internet stocks. "But where are the second-wave buyers? There's hardly anyone left."
<snip>
Internet-related shares were led lower by a 20 percent decline in Amazon.com, its biggest drop ever. Investors sold it, Broadcast.com Inc., Onsale Inc. and other Internet companies on concern that sales and earnings won't justify recent gains after many of them doubled or more.
bloomberg.com |
