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

AMZN 232.56

-0.8%

3:10 PM EST

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To: Glenn D. Rudolph who wrote (16176)	9/5/1998 1:09:00 AM
From: Rob S.	Read Replies (1) of 164684

I expected it but it's gotten deeper and lasted longer than I expected. I still don't think that its as bad as it appears. But the awareness of the problem is still sinking in and is likely to effect the markets further. The small caps have been under tremendous pressure for several months - many companies with great growth and only second-hand exposure to foreign markets are trading at very low multiples even while the blue chips are trading at what are still historical highs for P/Es, P/S, P/B and other measures. One aspect of this problem I think will play out is that Reuben and other trade delegates will be encouraging foreign countries to cooperate on production and price supports for commodities, such as oil and food products. Many US companies who are well positioned to take advantage of cheap goods or have thriving domestics markets will do very well in the next several quarters. It's overdue for Wall Street to pay attention to the small caps but it will probably take until the market settles before that can happen.

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