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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 232.38-0.8%3:59 PM EST

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To: H James Morris who wrote (76532)9/4/1999 11:03:00 PM
From: Glenn D. Rudolph  Read Replies (1) of 164684
 
I left this off:

"
2
Amazon.com 4.75% 2009
We still think the Amazon.com 4.75% bond is attractively
valued at 85-3/4 (roughly 6.8% ?cheap?), but it does not
have the credit support available with the AOL
exchangeable. This is the primary reason for the
replacement. One year total return horizons are +15.8%
and ?7.8%, based on a +/-25% price change for the
common. Though this theoretical risk/reward is about the
same as that for the Tribune/AOL, the Amazon.com bond
has only a CCC+/Caa3 rating. (AMZN, 106-1/8, D-1-1-9)"
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