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E-commerce stocks tumble as credit downgrade spooks Wall Street
The Internet Retailer Online Retail Index fell more than 8% for the week.
Editor in Chief
Wall Street’s roller-coaster ride took a steep plunge last week, and e-commerce stocks went along on the hair-raising ride.
The Internet Retailer Online Retail Index plummeted 8.29%, falling even faster than the freefalling broader market. The Dow Jones Industrial Average lost 6.50% for the week and the Standard & Poor’s 500 Index declined 7.79%.
The impact of Friday’s credit downgrade of U.S. treasury bonds by the bond rating unit of Standard and Poor’s continued to make itself felt today. All 25 stocks in the Online Retail Index were in negative territory as of early afternoon Eastern Time today, while the Dow and S&P 500 were both off about 3%.
The best performer last week in the Online Retail Index, which tracks the stocks of 25 online retailers and e-commerce technology and service providers, was print products retailer VistaPrint, which gained more than 5%. However that came after VistaPrint’s shares lost nearly 40% the previous week following a quarterly earnings report that included a disappointing forecast.
The only other stock in the Online Retail Index to gain last week was e-retailer Coastal Contacts, whose shares gained just over a third of a percent.
Here are the best-performing stocks last week in the Online Retail Index and the percentage change in stock price for each:
• VistaPrint, 5.1%
• Coastal Contacts, 0.36%
• eGain, 0.0%
• Vitacost, -2.8%
• DemandTec, -3.9%
Here are the Online Retail Index stocks that performed least well last week and the percentage drop in stock price for the week:
• Bluefly, -17.3%
• Blue Nile, -16.4%
• ValueClick, -16.1%
• Overstock, -13.8%
• Shutterfly, -13.7 %
The 25 companies in the Internet Retailer Online Retail Index are: 1-800-Flowers.com Inc., Akamai Technologies, Amazon.com Inc., American Greetings Corp., Bidz.com Inc., Blue Nile Inc., Bluefly Inc., Coastal Contacts Inc., DemandTec Inc., Digital River Inc., eBay Inc., eGain Communications Corp., Keynote Systems Inc., LivePerson Inc., Netflix Inc., NutriSystem Inc., Overstock.com Inc., PetMed Express Inc., Shutterfly Inc., Systemax Inc., U.S. Auto Parts Network, United Online Inc. (owner of FTD.com), ValueClick Inc., Vistaprint Ltd and Vitacost.com Inc.