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Technology Stocks : America On-Line: will it survive ...?
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To: PAL who wrote (8937)3/19/1998 6:39:00 PM
From: PAL   of 13594
 
From briefing.com:

Another day, another earnings warning, another record high... Traders continue to throw money into the stock market for no other reason than it keeps going up... Right now it's hard to distinguish the Strip in Las Vegas from the Street in New York City... Maybe they should get Penn & Teller to ring the opening bell at the NYSE... Nowhere is the Vegas mentality more evident than in the Internet industry... Internet-related stocks paced the tech sector's advance once again... Viewed as "safe havens" from the ills of the Asian contagion, Internet stocks are up more than 40% (on average) since the year began... Analyst who can't accurately predict, from one quarter to the next, the earnings growth of companies with an earnings history, now tell investors not to worry about the Internet industry's lack of earnings visibility because 2- to 3-years down the road these companies will be profit machines... It's the story that counts! ... Consequently, stocks like Amazon trade at more than 15x sales and 8500x estimated FY99 earnings... Since when do "safe haven" stocks trade at 15x sales and 8500x estimated earnings?... The market's appetite for risk is a very unsettling development.

Tomorrow is triple witching day. Stock like AOL will be very volatile. Could close below 60 to make calls of 60 and higher expire worthless.

Good Luck to all.

PAL
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