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Technology Stocks : AMERica on-Line, Another over valued company?
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To: Bob Wang who wrote ()2/27/1996 10:09:00 PM
From: Scott Maxwell   of 222
 
These things take time, but sea changes of investor opinion can
whack a stock like this down 50% in a few weeks. Analysts still
love them, but their business model (proprietary interface to
their own (and, grudgingly, Internet) content) will crumble as
Web appliance interface to vanilla Internet becomes the mass-market
norm.

ATT's offer of FREE net access for 5 hours a month for the first year
will cream off some of their GNN market; cable modems and set-top
boxes will take some more. As their growth rate declines and prices
drop, their earlier spending on wasteful marketing, shown on their
books as a capitalized asset, will suddenly be obviously worthless.
At that point (next year?), expect the stock to follow Netcom et. al.
down the path to $5.
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