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Pastimes : All Clowns Must Be Destroyed
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To: yard_man who wrote (29200)4/26/2000 8:16:00 AM
From: Defrocked  Read Replies (2) of 42523
 
Radio spin this AM: "While other Internet
stocks are struggling to make a profit,
that's certainly not the case at EBAY where
revenue doubled and earnings tripled over
the same quarter last year." (Rah,rah,rah)

Truly, truly unbelievable delusion-enhancing
reporting. No mention of the $1.1 bln. secondary
offerring last April'99 which allowed EBAY to
earn interest income, their main source
of earnings. No mention that if one had purchased
the 4/99 secondary at $170 it would still be
underwater.

But what's truly egregious are the announcer's
tones and inflections, implying that EBAY is
a great Internet stock. There's no concept of
value. $170 will return $2.13 per quarter at 5%
with no risk. EBAY on the other hand will give you
back 6 cents per quarter. And apparently the
only reason EBAY's earnings will increase is
if interest rates do.

Goldman Sachs made far more money on the secondary
last year than EBAY will return to shareholders out
of operating income over its entire lifetime.
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