December 28, 2005
Online Retailers' Tech Stocks Drag
Internet retailers such as Overstock.com and Amazon.com saw a drop in their stocks after the holiday shopping season, the Wall Street Journal reported.
Overstock.com predicts that the company's profits are likely to come in a percentage point or two less that its target.
"We've had a nice holiday season, just not as nice a season as we've had in the past or as we'd hoped for," Overstock.com's President Patrick Byrne told the Journal.
Amazon.com, Overstock.com's rival, stock also took a dip this week despite the company saying it saw one of the best online holiday shopping seasons ever. Amazon also reported setting a one-day record of 3.6 million orders on December 12.
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