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Technology Stocks : AUTOHOME, Inc

ATHM 23.48

+1.2%

Nov 21 9:30 AM EST

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To: Jack Hartmann who wrote (21196)	4/20/2000 5:38:00 PM
From: gpowell	Read Replies (1) of 29970

This is a 180 degree shift by Bell toward present vs. future profitability. I just don't have the faith in the management to put my money back in ATHM yet. Exactly. It is reasonable to assume that ATHM decided upon this strategy sometime in the last 6 weeks. I would have liked to see a pre-announcment, perhaps an 8K filed, prior to earnings release. Based on some posts just prior to earnings release, it looks like a lot of people bought in, in anticipation of good forward looking statements. Given the previous statement made by Jermoluk on Mar 1, only 6 weeks ago, where he stated that ATHM was on track to profitability by next Q and 35% margins by 2002, ATHM looked like a steal at $20. Considering Jermoluk's statement was issued only 6 weeks ago, I find it disturbing that the new direction was announced for the first time yesterday. How could anyone have anticipated such a sudden change in strategy? The way this change was disclosed borders on unethical. I can only assume, since it is inconceivable to me that Jermoluk or Bell can be this irresponsible, is that neither Bell nor Jermoluk made the decision. That leaves someone within AT&T holding the hammer.

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