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Technology Stocks : AUTOHOME, Inc
ATHM 23.76+1.2%Nov 28 9:30 AM EST
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To: E. Davies who wrote (21111)4/20/2000 2:33:00 AM
From: Richard Habib  Read Replies (3) of 29970
 
You have to wonder why they decided to shift priorities. If they made the decision a month ago, perhaps they felt it was the right thing to do and that in the market environment, they wouldn't be punished for emphasizing growth over profits. A more disconcerting possibility is that they suspect that Cox/Comcast is going to opt for the early out on exclusivity. They might then consider it imperative to forego profits and max growth while they still have exclusivity.

Of course the main question is how the market will receive it. Book value is around here but I wonder how much of a floor that really represents. What will the company look like in a year - it will have lost a lot more money and will have about 3M subs and about $600M sales growing sales at 75-100%. 10X sales supports a price about 15.

Depending on how squishy book value is, I think there could still be significant downside in a poor market. Rich
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