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Technology Stocks : Internet Analysis - Discussion

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To: jbe who wrote (352)	5/4/1999 6:41:00 PM
From: Chuzzlewit	Read Replies (1) of 419

Congratulations on SWS. I have some thoughts of a general nature. I think that on-line brokerages are well positioned to make a considerable amount of money as a result of the internet. All of the parameters are in place. They substitute an automated system for labor, and they are scalable. With sufficient size they should be quite profitable. I particularly like NITE's business, but valuation considerations temper my enthusiasm for NITE. If the SWS runup was tied to NITE ownership you might consider a defensive posture. My understanding is that there will be a secondary offering of NITE in the not too distant future. If that's the case there could be significant profit taking which could have the result of depressing SWS (if indeed NITE is the cause of the runup). Remember that the internet stock have relatively small floats. If you are interested in a similar play BKS (Barnes and Noble) is planning to spin off its internet division (BNBN) in a few weeks. Together with Bertelsman offer 20% of the shares will be offered to the public, with BKS and Bertelsman each retaining 40%. TTFN, CTC

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