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

AMZN 234.27

-1.4%

9:31 AM EST

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To: Sarmad Y. Hermiz who wrote (52553)	4/24/1999 8:36:00 PM
From: Rob S.	Read Replies (1) of 164684

I don't think it is a May-June weakness. I look for tech and other speculative stocks to show weakness in late June through July and often into August. The over-optimistic projections do play a significant role. However, with valuations in many cases 2x to 3X the ten year norm, a difference in forecasts is relatively slight. Of course, the market doesn't react as if that were the case. Even a small deviation, say from a projected profit of 12c to an actual profits of 10c, can send a stock reeling. Forget the fact that this amounts to a difference in valuation for the stock of a cumulative P/E of 65 vs. a P/E of 64. In many respects, this is a warped market to figure out what "should" happen.

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