Many Internet stocks were sold off on Tuesday, but shares of Amazon.com soared 8-3/4 to 126-1/8 after the company launched new sections for electronics and toys on its Web site. The expansion comes as no surprise. It’s long been known that Amazon.com is feverishly trying to turn itself into a “one-stop shop.” It’s now a matter of figuring out what Amazon.com branches into next.
Another bit of good news for Amazon.com came on Tuesday when PC Data released its monthly list of the top shopping sites. Amazon was No. 1 with a 14.7 percent reach in June after finishing second, behind eBay (Nasdaq: EBAY) in May. As Amazon.com continues to expand, eBay continues to battle outage problems.
Shares of eBay were down 2-7/8 to 125. Both Amazon.com and eBay are off their highs of the year, but the companies, which were once neck-and-neck in market value, are now being valued very differently by Wall Street. At Tuesday’s closing price, Amazon.com was worth nearly $20.4 billion, almost $5 billion more than eBay.