Ralph
18.12.2000, 23:06
Wenn es nicht so traurig wäre, man könnte glatt darüber lachen !
Es sieht so aus, als ob GS heute wirklich auf den "Weihnachtsmann" aus war ..... und den haben sie sofort "herabgestuft"
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E-Tailers Socked by Goldman Downgrades
By John Raess
Staff Reporter
12/18/00 3:08 PM ET
The mercury is falling, and tech stocks were feeling the chill today. Stocks are taking hits because of the not-at-all-inspiring holiday outlook for e-tailers and corporate tech budgets that are sinking like a winter thermometer in Chicago.
Online retailer eToys (ETYS:Nasdaq - news) was left shivering in the cold without a blanket after Goldman Sachs and ABN AMRO reduced ratings on the company. On Friday, eToys released revised online sales estimates of $120 million to $130 million for the holiday quarter, much lower than the $210 million to $230 million it had forecast earlier. Goldman Sachs reduced eToys' rating to market perform from market outperform, ABN AMRO cut its rating to sell from add and Robertson Stephens said it was indefinitely suspending its rating and estimates for the company.
The massive shortfall not only sent eToys down 69 cents, or 66.7%, to 34 cents http://www.stock-channel.net/Board/smilies/eek2.gif in recent trading -- it also put the squeeze on other e-commerce sites. TheStreet.com E-Commerce Index was recently down 7.28% and trading just above its 52-week low.
"When a company misses by 50%, you have to start questioning the concept of commerce on the net in that category or the execution .... dies scheint mir eine ganz wesentliche Aussage zu sein !," said analyst Scott Reamer of SG Cowen.
So if we're talking about e-tailers and the Christmas deadline is fast approaching, makes you wonder what's happening to Amazon (AMZN:Nasdaq - news). It is one of the stocks caught in the breeze from eToys' fall. Amazon, which has lost 21.4% since the day after Thanksgiving, was lately off 12.6%. Merrill Lynch's Henry Blodget is now saying the online toy business and all the other e-commerce categories may not ever carve out the 10% to 15% of retail that he and others have expected -- or if they do, it will be too far into the 21st century to matter to investors in 2000. TheStreet.com took a look at how eToys' problems raise questions for Amazon.
Another target of Goldman Sachs was Barnesandnoble.com (BNBN:Nasdaq - news), which was dropping 15%. Luxury e-tailer Ashford.com (ASFD:Nasdaq - news), reduced by Goldman Sachs to market perform, also was crashing, down 39.3% -- a big hit even for a sub-$1 stock.
Compounding the eToys warning is mounting evidence that the growth rate of online sales is dropping this holiday season. Goldman Sachs analyst Anthony Noto released survey results showing online shopping is growing more slowly than expected and is likely to show 50% growth over last year. Sounds good until you are reminded that a growth rate of 100% had been expected.
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Ralph
Es sieht so aus, als ob GS heute wirklich auf den "Weihnachtsmann" aus war ..... und den haben sie sofort "herabgestuft"
********************************************************
E-Tailers Socked by Goldman Downgrades
By John Raess
Staff Reporter
12/18/00 3:08 PM ET
The mercury is falling, and tech stocks were feeling the chill today. Stocks are taking hits because of the not-at-all-inspiring holiday outlook for e-tailers and corporate tech budgets that are sinking like a winter thermometer in Chicago.
Online retailer eToys (ETYS:Nasdaq - news) was left shivering in the cold without a blanket after Goldman Sachs and ABN AMRO reduced ratings on the company. On Friday, eToys released revised online sales estimates of $120 million to $130 million for the holiday quarter, much lower than the $210 million to $230 million it had forecast earlier. Goldman Sachs reduced eToys' rating to market perform from market outperform, ABN AMRO cut its rating to sell from add and Robertson Stephens said it was indefinitely suspending its rating and estimates for the company.
The massive shortfall not only sent eToys down 69 cents, or 66.7%, to 34 cents http://www.stock-channel.net/Board/smilies/eek2.gif in recent trading -- it also put the squeeze on other e-commerce sites. TheStreet.com E-Commerce Index was recently down 7.28% and trading just above its 52-week low.
"When a company misses by 50%, you have to start questioning the concept of commerce on the net in that category or the execution .... dies scheint mir eine ganz wesentliche Aussage zu sein !," said analyst Scott Reamer of SG Cowen.
So if we're talking about e-tailers and the Christmas deadline is fast approaching, makes you wonder what's happening to Amazon (AMZN:Nasdaq - news). It is one of the stocks caught in the breeze from eToys' fall. Amazon, which has lost 21.4% since the day after Thanksgiving, was lately off 12.6%. Merrill Lynch's Henry Blodget is now saying the online toy business and all the other e-commerce categories may not ever carve out the 10% to 15% of retail that he and others have expected -- or if they do, it will be too far into the 21st century to matter to investors in 2000. TheStreet.com took a look at how eToys' problems raise questions for Amazon.
Another target of Goldman Sachs was Barnesandnoble.com (BNBN:Nasdaq - news), which was dropping 15%. Luxury e-tailer Ashford.com (ASFD:Nasdaq - news), reduced by Goldman Sachs to market perform, also was crashing, down 39.3% -- a big hit even for a sub-$1 stock.
Compounding the eToys warning is mounting evidence that the growth rate of online sales is dropping this holiday season. Goldman Sachs analyst Anthony Noto released survey results showing online shopping is growing more slowly than expected and is likely to show 50% growth over last year. Sounds good until you are reminded that a growth rate of 100% had been expected.
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Ralph