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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 233.22

+1.8%

Nov 28 9:30 AM EST

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To: KeepItSimple who wrote (76552)	9/5/1999 12:54:00 AM
From: Glenn D. Rudolph	Read Replies (3) of 164684

>While we are generally optimistic about AMZN's long-term prospects, > we view the stock as overvalued and recommend significant investor caution. Holy crap! Amazon is going to tank when the market opens tuesday! Wonder what made them suddenly change their tune? When your biggest cheerleader says "get lost" you know the scam is FINALLY, FINALLY, over. KIS, There were various comments slowly coming from Blodget after the last quarter's numbers were released. Comments such as the metrics were not proeprly met, etc. There has been do downgrade as far as rating has been concerned but there were additional losses added to projected numbers. Then nothing had been said until Blodget created the holiday basket. AMZN was in that basket as you know but not based on fundamentals. It was based on investor sentiment due to online shopping this fall. It was more of a trading call than a buy/hold call. I believe the resignation of Jimmy Wright on Thursday and the admission by Amazon that the distribution facilities were not coming online as smoothly as hoped changed the internal opinion. Merrill's inside comments on Friday was not to buy Amazon until further information was available. I suspect a downgrade is coming but there was not enough time for Blodget and staff to write the document and due the necessary research. The removeal of the covertibles from the recomended list was easy to publish since it was done in a paragraph or so and no number tuning for losses was necessary. That was based solely on risk. I suspect Blodget does not want to be still having a buy rating on Amazon when/if it fails to execute. I believe he wants to be a analyst player in this field for some time to come and will stick with YHOO, AOL, etc. He became known due to that one time Amazon call. It would dmage his carreer if a lot of Merrill clients were long Amazon when the next set of numbers dissappoint further. Based on the Merrill internal sentiment change, I suspect Amazon will be moved to a hold or accumulate next week and a full research report written. As you know, I am strictly speculating here. Glenn

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