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Technology Stocks : America On-Line: will it survive ...?
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To: MileHigh who wrote (10826)7/30/1998 8:28:00 AM
From: Keith A Walker  Read Replies (1) of 13594
 
Financial house of cards:

sec.gov

When line items like:

"Write-off of deferred subscriber acquisition costs " and
"Net proceeds from acquisition of CompuServe/disposition of ANS"

appear to push the FASB envelope as legitimate accounting practices, if I were long I would be worried. The aforementioned "Write-off of deferred subscriber acquisition costs" really raised some eyebrows, but, since Wall Street has this love affair with AOL and no one is willing to say the emperors are naked (Case and Pittman and Leader) then you get overvaluation in a big way.

I am speculating on the continuing decline in AOL shares. Sure ~$100 could be the next support level, but so could $120 for that matter and then again $69 looks mighty attractive to me. Will the stock go up or down today, I have no clue, but my guess is that longs here are still bearing a lot more risk than shorts.

Either way, go AOL, volatility is King!
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