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

AMZN 229.12

-0.2%

Nov 26 3:59 PM EST

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To: Bill Harmond who wrote (152330)	2/2/2003 12:43:00 PM
From: hueyone	Read Replies (1) of 164684

The so called "earnings" Yardeni uses in the Fed Model include a large dollop of phony "earnings" that did not comprise a very significant portion of GAAP earnings in decades past when the Fed model was applied, but they clearly do today. S&P's GAAP earnings, heavily inflated by failure to expense stock options, were overstated for the market as a whole by approximately 31% as of mid year 2002 for the preceding year, and even much more so for the tech sector. I suspect the Fed model would produce decidedly different results were it applied to Standard and Poor's Core Earnings. Explanation of Core Earnings: www2.standardandpoors.com Core Earnings for various companies: bwnt.businessweek.com Regards, Huey

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