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Technology Stocks : GeoCities
GCTY 450.000.0%Mar 16 5:00 PM EST
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To: Satch77 who wrote (157)8/10/1998 6:05:00 PM
From: Francis Gaskins  Read Replies (2) of 316
 
Dear Satch77, Not a home run. And I would sell in the first 30 minutes to take advantage of the 'bubble' effect created by 'buy at market' orders.

1. I still don't see any long term competitive barriers to entry. GeoCities did a nice job of opening up and developing the 'free web page' category. Its very success, however, invited lots of competition, competition that is gaining and holding market share at a surprisingly rapid rate.

2. If GeoCities wants to morph into a hub or a portal or whatever, it probably will take more financial muscle than they have. They have minimal sales and only a 30% gross margin, which is up from a negative gross margin as recently as the December, 1997 quarter.

Best,
Francis
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