This paper presents an event study of business signaling through electronic commerce announcements during fluctuating financial markets. This topic is of unique and substantial importance. If there are abnormal returns on an eCommerce initiative, and these returns are different during bull and bear markets, then we know that the markets value these investments, but the value is subjective rather than inherent to the investment. If the value is subjective, then gains to the investor and corporation itself will vary in sympathy with market movement. This paper researches these new aspects of returns due to eCommerce announcements and compares them with other recent studies. We use event study methodology and assess the cumulative abnormal returns from eCommerce initiatives announced by firms in the S&P 100 Index between January 1999 and December 2000.