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

AMZN 232.49

+0.2%

Dec 30 3:59 PM EST

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To: Bill Harmond who wrote (77820)	9/20/1999 1:10:00 PM
From: H James Morris	of 164684

>>HJ, What's with Priceline? :) << William, its not my day to watch Pcln since I have no position, but I sure do in Paychex (payx). It appears that the BW issue sure helped it. No mention of accounting irregularity like Fortune reported. Also this couldn't hurt. >> NEW YORK, Sept 20 (Reuters) - Warburg Dillon on Monday said it has raised its ratings of Internet commerce firm Priceline.com Inc. <PCLN.O> to strong buy from buy and of Paychex Inc. <PCLN.O>, a provider of payroll services, to buy from hold. On Priceline.com, Warburg Dillon analyst Sara Zeilstra said in a research note: "Recent sell-off overdone; we are confident that Microsoft (Corp.<MSFT.O> ) patent/competition issues are being addressed, and concerns regarding overhang are not as significant as previously thought." She raised third quarter margin estimate to 9.9 percent from 9.6 percent based on signs of improved pricing in travel services (but no net effect on earnings per share estimate). On Paychex, analyst F. Thomas O'Halloran said: 'The company is having great success selling highly profitable ancillary human resource services into its existing customer base. As a result, the earnings per share slowdown we had feared six months ago is not materializing. Instead, we now believe Paychex will continue to deliver earnings growth of above our five-year growth projection over the next couple of years." Paychex earnings per share estimate for 2000 was raised to $0.72 from $0.69; For 2001, estimate was raised to $0.92 from $0.86. Its 12-month price target was raised to $42 from $31. <<

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