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

AMZN 227.35

+0.3%

Dec 19 9:30 AM EST

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To: Bob Kim who wrote (106428)	7/25/2000 5:18:29 PM
From: Eric Wells	Read Replies (2) of 164684

From an HB research perspective, Galli moved from a Buy-rated stock with $100 price target to an Accumulate-rated stock with a $175 price target Bob - you have to wonder if the execs at VerticalNet aren't concerned that Galli might do to them what he just did to Amazon - that is, leave after a short stay. After all, just two days prior to joining Amazon, Galli had signed an agreement to be president of Pepsico's Frito Lay division - an agreement that he obviously did not honor (http://seattletimes.nwsource.com/news/business/html98/amaz_19990625.html). Galli has provided us with a "new economy definition" of sticking it out for the long term. You have to wonder how long, in general, an executive must be with a company to have any substantive impact. My thinking is that Galli was not at Amazon long enough to contribute much at all - but hey, he walked away with a cool $6 million (that's cash raised from stock and bond holders since Amazon doesn't make cash from operations). In my book, $6 million is a lot of money - but perhaps, in the new economy, it's only pocket change. -Eric

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