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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 234.46-1.7%12:05 PM EST
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To: Don Westermeyer who wrote (696)11/5/1997 7:41:00 PM
From: William T. Katz  Read Replies (2) of 164685
 
I'm not sure I want AMZN to crash yet. I'm real greedy and my larger cash load won't hit Datek until Fri or so. Wouldn't mind a little run up here so I can get shorts at higher than $65. Would like to space it out if it climbs at $65, $70, and (probably never happen) $75. It's also possible that this stock simply crashes & burns this week, esp. after both B&N and Borders making their intentions on internet book selling more apparent.

This is one short I'm willing to hold for 3 to 6 months. People seem to really be turning a blind eye to how competitive the internet book selling will get with both B&N and Borders in the arena. These players will bid-up exclusive and non-exclusive spots on all the major web sites like CNet, Yahoo, Wall St Journal, USA Today, etc. I can see them actually spending more on advertising in the virtual world than they would for the local retail stores which go mainly by word of mouth and visibility. And yet there is some absurd notion that Amazon will make huge profits vs the big guys. Longs get to look forward to (1) massive ad spending, (2) tough competition, and (3) much larger floats. I can wait many months before this becomes apparent. I figure by the time Borders opens up their souped up internet bookstore, Amazon will be as high as $40 or more likely in the $30s where it belongs for the next year or so. When it proves its model and has rebuilt all the other infrastructure that B&N and Borders already has, then the stock might rise on fundamentals and not hype.
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