Wit Capital's Cohen on Internet Stocks, Strategy: (BNBN on the list)
Comment
Bloomberg News
July 16, 1999, 9:25 a.m. PT
New York, July 16 (Bloomberg) -- Wit Capital Group Inc.'s Internet analyst Jonathan Cohen spoke about Internet stocks and his company's strategy concerning them on financial news network CNBC. Last month, Wit Capital, an investment bank that distributes initial public offerings to individuals over the Internet, rose 65 percent on its first trading day. When asked what companies he would focus on in the Internet sector, Cohen named Amazon.com Inc., Barnesandnoble.com Inc. and Priceline.com Inc.
''The bottom line, I think, is that Internet valuations are going to be driven by fundamentals and Internet fundamentals are enormously strong. We see companies beating expectations. And we see companies now really beginning to act make money. These are things that we think will lead to a continuation of very healthy valuation levels over a long period of time.''
''We look for the companies with the brightest operating prospects, the companies with the strongest competitive advantage, the companies that are most likely to dominate a space.''
''At the top tier, I don't think we've seen any diminishing in quality. The nature of the industry, the nature of the Internet business itself, means there is continual reinvention, continual replenishment of intellectual capital, of ideas, of business models. It's leading to a continuation of great new companies.''
(CNBC 7/16)
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