A discussion draft of the Online Sales Tax Simplification Act of 2016 is expected to be introduced in Congress soon.
The Internet Retailer Online Retail Index lost nearly 1% for the week.
It’s been a long, hot summer for investors in e-commerce stocks. And they got little relief in the run-up to Labor Day.
The Internet Retailer Online Retail Index, which tracks the stocks of 25 online retailers and e-commerce technology and service providers, lost 0.68% for the week. By comparison, the Dow Jones Industrial Average shed 0.39% and the Standard & Poor’s 500 Index slipped 0.24%.
It was the fifth week in the last six in which the Online Retail Index lost ground.
There were some bright spots, as nine of the 25 Online Retail Index stocks advanced for the week. Leading the way was e-retailer, Bluefly, the previous week’s big loser, which advanced nearly 11%. The second-best showing was by Amazon, which has stirred controversy by trying to avoid charging sales tax to California residents; Wall Street seemed unconcerned, as the No. 1 e-retailer’s stock moved up better than 5%.
The biggest loser among the 25 e-commerce stocks was 1800Flowers.com, which lost more than 9% last week, despite reporting a 3.3% increase in web sales for its last fiscal year, following a period of recession-induced declines.
Here are the best-performing stocks last week in the Online Retail Index and the percentage gain in stock price for each:
• Bluefly, 10.8%
• Amazon, 5.4%
• United Online, 3.7%
• Bidz.com, 3.2%
• Shutterfly, 3.2%
Here are the Online Retail Index stocks that performed least well last week and the percentage decline in stock price for the week:
• U.S. Auto Parts Network, -5.8%
• Systemax, -5.5%
• VistaPrint, -4.6%
• Blue Nile, -4.0%
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.