Tuesday, September 19, 2006

Internet Bellweathers Tank

Google (GOOG) is down $17.49 or 4.22% to $397.20, Yahoo (YHOO) is down $3.60 or 12.41% to $25.40, Amazon (AMZN) is down $0.87 or 2.71% to $31.21, eBay (EBAY) is down $1.18 or 4.4% to $25.66, CNET (CNET) is down $0.74 or 7.66% to $8.92 and IAC Interactive (IACI) is down $0.53 or 1.86% to $27.89.
Yahoo's CFO, Susan Decker has warned of lower sales for Q3, because of weakness in the Auto and Financial sector ads. IACI Chairman, Barry Diller had mentioned that IACI is seeing weakness in Financial sector. This may not be isolated to these two companies but a reflection of the entire sector. Although both the executives did not quantify how bad the slowdown is, expectations are worse and there is a big sell-off. This is probably a knee-jerk reaction and I expect the stocks to move up cautiously this week.

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