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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: Jan Crawley who wrote (64761)	6/26/1999 4:29:00 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164687

I think there is way too much emphasis on these "earnings runs". I think even the analyst community is getting sucked into them because they are extrapolating from the past. The way I see it these earnings runs got their start in the early quarters of the companies' public histories because the floats were very small then and the last month of the quarter before earnings is when the insider-selling window closed. Smart money waited until the coast was clear. I think that phenomenon has now become expectation, and expectations in the stock market seldom play out.