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

AMZN 232.88

-0.8%

Nov 17 3:59 PM EST

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To: Mandinga who wrote (34281)	1/12/1999 9:27:00 AM
From: Glenn D. Rudolph	Read Replies (2) of 164684

CATCH OF THE DAY: Don't even try to understand Less than a month ago, I laid part of the "blame" for Amazon.com's crazy stock rise on Henry Blodget, an analyst at CIBC Oppenheimer who in mid-December raised his price target on AMZN to $400. Shows what I know. Today Amazon closed at a split-adjusted $553.87 ($184.63 after its January 5 three-for-one split). While I don't think Amazon can ever generate enough profits to justify its current $22 billion market cap, especially in the low-margin retail e-commerce business, Amazon is in an enviable position. Its current valuation gives it enormous financial leverage, and it can easily tap its rich database of customers for profits from avenues other than pure retail. I await Amazon's next move. There's more weirdness brewing in what are becoming "blue chip" Internet stocks. Today CMGI is up $71.75 to $272, Broadcast.com is up $87.56 to $285.06, and Yahoo is up $70.88 to $414.50. Yikes. For a deeper look, see Pete Henig's story, "Net stocks split and run."

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