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

AMZN 232.52

+0.1%

Dec 26 9:30 AM EST

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To: Bill Harmond who wrote (100170)	4/12/2000 7:32:00 PM
From: Eric Wells	Read Replies (1) of 164684

I think this selling has reached rediculous proportions William - I don't like to see anyone lose money. But in the last two weeks, a lot of people have lost a lot money. In fact, everyone I know that is in the market has lamented of the pain of losing money. But why has the Nasdaq gone down over the past two weeks? Is the move unwarranted? To say so would be to say that at Nasdaq 5000, tech stocks were valued appropriately. Yet, at Nasdaq 5000, no one that I know of was using any sort of "valuation" method to establish appropriate price levels for stocks. Analyst price targets were, and still are for the most part, based on flimsy analysis. So why are we at Nasdaq 3769? Are tech stocks undervalued now? If so, what method of valuation does one employ to come to this conclusion? If we revert back to Graham & Dodd and look to PE ratios, then a good argument could be made for the idea of the Nasdaq falling even further. -Eric

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