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Cyber Monday Is HERE!!
Shares of Internet retailers dipped along with the overall market on "Black Friday" as the dollar weakened and investors remained concerned about consumer spending.
Black Friday, or the day after Thanksgiving, is usually the second-busiest day for shopping in person. The following Monday, known as "Cyber Monday," is generally a busy day for Internet retailers.
ComScore Networks, which tracks Internet spending, expects online sales of almost $600 million on Monday, which would be higher than any single day during the 2005 holiday season. Online retailers raked in $484 million on Cyber Monday last year.
ComScore estimated sales for the first 19 days of November rose 23 percent this year. This suggests online holiday spending is "strong coming out of the gate," ComScore Networks Chairman Gian Fulgoni said.
However, a MasterCard Worldwide study released Monday showed "Cyber Monday" is something of a myth -- and doesn't rank in the top five days for Internet shopping. Based on information from billions of credit card transactions over the past several years, MasterCard said online shopping actually peaks a week after Cyber Monday. In 2005, Cyber Monday was the ninth-busiest online shopping day of the year.
In midday trading Friday, Amazon.com Inc. and Ebay Inc. each fell about 1 percent, while RedEnvelope Inc., a San Francisco-based Internet retailer of upscale gifts, fell about 3 percent. However, the downward movement wasn't specific to Internet retailers -- the broader market was off slightly in Friday's shortened trading session as the dollar declined and traders bet on lower interest rates.
Get your Credit Cards ready, Get Set, Go................................
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