CRM News: News: Stock Watch: Investment by Saudi Prince Boosts Amazon, Others

Stock Watch: Investment by Saudi Prince Boosts Amazon, Others

By Nora Macaluso
E-Commerce Times
Part of the ECT News Network
05/17/00 12:00 AM PT

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Reports that Saudi Prince Alwaleed Bin Talal bought company shares boosted a number of U.S. e-commerce stocks Tuesday.

Amazon.com (Nasdaq: AMZN) rose 3 1/4 to 59 5/16; Priceline.com (Nasdaq: PCLN) gained 3 5/8 to 54 1/16; DoubleClick, Inc. (Nasdaq: DCLK) tacked on 5 49/64 to 60 33/64; eBay, Inc. (Nasdaq: EBAY) added 6 11/16 to 134 3/16; and Infospace, Inc. rose 2 1/4 to 60 1/4 after the companies were mentioned as among 15 stocks included in Alwaleed's $1 billion purchase.

Each received a $50 million investment, reports said.

Alwaleed, who was quoted last August as saying U.S. stock prices had gotten too high, made most of his recent investments just after stock prices plunged in mid-April, according to Reuters. He was quoted in a Bloomberg News report as saying the six Internet stocks are a "complement" to his $1 billion investment in America Online, Inc. (NYSE: AOL).

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