Amazon.com Inc. (AMZN) and eBay Inc. (EBAY) Sink on Weak Sales
Shares of online retailer Amazon.com Inc. and auctioneer eBay Inc. declined Friday after a Bear Stearns analyst said new data indicates holiday Internet sales are being hurt by a consumer pullback.
Amazon shares declined $2.08, or 2.3 percent, to $90.32, while eBay shed $1.34, or 3.9 percent, to $32.75 in afternoon trading.
In a note to clients, Bear Stearns analyst Robert S. Peck said a conversation with the head of online data analysis company comScore Inc. indicated concerns about oil, housing and the stock market are impacting consumer spending this holiday season.
"Many consumers are actively pursuing bargains and may be waiting for further promotions," he wrote.
Peck said comScore data indicates dollars spent per buyer have fallen 12 percent year over year, and consumers in lower income brackets have reined in spending more than others.
The analyst said, however, that spending growth has sped up almost 20 percent in recent weeks, and he thinks it will continue in the next few weeks.
Amazon shares declined $2.08, or 2.3 percent, to $90.32, while eBay shed $1.34, or 3.9 percent, to $32.75 in afternoon trading.
In a note to clients, Bear Stearns analyst Robert S. Peck said a conversation with the head of online data analysis company comScore Inc. indicated concerns about oil, housing and the stock market are impacting consumer spending this holiday season.
"Many consumers are actively pursuing bargains and may be waiting for further promotions," he wrote.
Peck said comScore data indicates dollars spent per buyer have fallen 12 percent year over year, and consumers in lower income brackets have reined in spending more than others.
The analyst said, however, that spending growth has sped up almost 20 percent in recent weeks, and he thinks it will continue in the next few weeks.
Labels: Amazon.com Inc., AMZN, Ebay, eBay Inc.
posted by Stock Administrator @ 2:15 PM
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