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Technology Stocks : AUTOHOME, Inc

ATHM 24.08

-3.1%

3:59 PM EST

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To: David Harker who wrote (4238)	1/12/1999 11:36:00 PM
From: David Harker	Read Replies (1) of 29970

Merril Lynch discounts effects of accounting change: from a Yahoo 'ATHM' post: messages.yahoo.com@m2.yahoo.com Also available via a PDF file: aokabc.com "Investment Highlights: · ATHM announced that it ended 1998 with 330k @Home subs, handily beating our estimate of 310k. · ATHM will now retroactively amortize $247.1MM of non-cash charges related to its distribution agreement with Cablevision over 57 months. ATHM previously recorded the charges in Q4 '97 and Q1 '98. · We were aware that ATHM was having discussions with the SEC, and were not entirely surprised by the announcement. · While reported earnings in the next few years will be lower due to the amortization, it is non-cash in nature and does not have any economic impact on the underlying value of the company. · As we have written before, ATHM has finally started to act like other Internet stocks, but volatility goes in both directions. · We still believe in the long term value of ATHM shares, but caution that near-term volatility continues to be very likely."

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