To: re3 who wrote (74469 ) 8/18/1999 5:48:00 PM From: H James Morris Read Replies (1) | Respond to of 164684
Ike, What's the difference between Amzn, Bids and Bre-x? OTTAWA, Aug 18 (Reuters) - Shares in Internet auction house Bid.Com International Inc. <BII.TO><BIDS.O> went on a market tear on Wednesday, boosted by optimism that autumn will bring shoppers back to on-line stores. Stock in the Toronto-based company broke out of its summer doldrums to soar as much as 31 percent on the Toronto Stock Exchange. The issue settled down from a high of C$8.05 during the day to C$7.50, a gain of $1.35, or 22 percent, in heavy trade of 1.7 million shares. That compares to a high of C$33.65 this year and a distant low of 56 Canadian cents last fall. Bid.Com's performance mirrored that of other Internet issues on Wednesday. Yahoo! Inc. <YHOO.O> rose $7.68 to $146.56, Amazon.com Inc. <AMZN.O> was up $5.25 to $114.50, and eBay Inc. <EBAY.O> gained $9.88 to $127.63, all on the Nasdaq. The movement reflects a cyclical end-of-summer return to favor for technology stocks, said an analyst who asked not to be identified. Internet commerce issues are picking up steam on expectations of back-to-school and Christmas shopping seasons. "The sentiment in the market (is) that traffic will increase," he said. "The next quarter's going to be probably the busiest quarter. They're anticipating that to be quite robust." Another analyst, who also did not want to be identified, said that early gains likely attracted retail investors who work by the creed that "the trend is your friend." "It's still on enough day traders' screens," the analyst said. And if those traders see a small move, they help build it into a big one with their desire to be in on trends. The company said it did not release any news today. Bid.Com's surge reverses a slide that accelerated after the company reported sluggish second-quarter results on July 28. The firm recorded a net loss of C$3.6 million on sales of C$6.3 million compared to a loss of C$4.8 million on revenue of C$5.6 million last year. The company has said it hopes to see a "cash flow break even" fourth quarter. ($1=$1.48 Canadian)