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

To: Jeff Dryer who wrote (69306)	7/24/1999 3:58:00 PM
From: Eric Wells	Read Replies (3) \| Respond to of 164684

Shop The Web Update >>This is difficult for me to believe. Here is a excerpt from a follow-up article from TheStreet.com that was posted last night: Junglee Heads Fierce over Role in Amazon.com By Aaron L. Task Senior Writer 7/23/99 8:45 PM ET SAN FRANCISCO -- Stocks ended a rough week getting roughed up early by another downturn in bonds. However, tech stocks sidestepped the selling and blue-chips ended off session lows. (For more, see today's Market Roundup .) The Long and Winding River Yesterday's piece about Amazon.com (AMZN:Nasdaq) and Junglee sparked a torrent of email from readers and consternation from Rakesh Mathur, a Junglee cofounder. Mathur confirmed he is leaving Amazon.com, but declined to discuss compensation or future plans. The executive was far more interested in defending his baby: "Shop the Web has been successful and greatly appreciated" by the online bookseller, Mathur said. "We've developed a huge amount of value for customers." Asked why Shop the Web hasn't been so prominently displayed at Amazon.com's Web site, Mathur answered: "There are a lot of things that happen in the back end of something as complex as what we do. The use of the technology is pervasive. Even at the front end, stay tuned." That was the same message Amazon.com spokesman Paul Capelli espoused when I called the firm today (after they never returned repeated calls yesterday). "We're very pleased with the application of that technology and you will continue to see ways in which we will employ" Shop the Web, Capelli said. Citing "competitive reasons," the spokesmen declined to comment on whether Shop the Web support staff have been reassigned within the company. Steve Harmon, former senior investment analyst at Internet.com (see below), speculated the company "still needs the core technologies that Junglee provides" but will drop some aspects of Shop the Web. "They have to trim their scope somewhat and get to earnings faster. The stock is in danger of becoming a poster-child for perpetual losses." Capelli said: "I can't speculate how exactly [Shop the Web] will appear in the future. You'll be seeing ways in which we apply that technology. What exactly? Stay tuned." Yeah, yeah, yeah. I get it. Meanwhile, Capelli said Ram Shriram is relocating to the San Francisco Bay area (see, it is better here) and Amazon.com is "in the process of looking for a new vice president of business development." (I quickly submitted my resume. You can send yours to AMZN's Human Resource Dept.: 1516 Second Ave. Seattle, Wash., 98101.) The company "hopes" to continue to have a "relationship" with Shriram, the spokesman said, "but that's still in the process of being worked out. [In any case], his role will be changing." Shriram again could not be reached for comment. Amazon.com rose 6.8% today, but tumbled 16.8% for the week. (Strangely, emails criticizing me for quoting Amazon.com short-seller Ronny Kraft earlier in the week have stopped.)