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To: Glenn D. Rudolph who wrote (79762)	10/6/1999 10:04:00 AM
From: H James Morris	Respond to of 164684

>>You were wrong on PCLN since our discussion was when PCLN was trading 62-63 a few days ago. << Glenn, I was wrong. Hey! I was the one that thought Wal-Mart would catch up to Amzn earlier than 2000. >>and leave the thinking to the rest of us.<< Hmmm, let me think about that. Pvtl was a better investment for me anyway, even if I had bought Pcln @ 53 1/2. Ps You keep thinking about Vert. It has much more upside potential.

To: Glenn D. Rudolph who wrote (79762)	10/6/1999 10:47:00 AM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Glenn, I'm sorry, but I can't stop thinking about IPO's. If I can get them?? Well, have you noticed I use the term "us" or "we"? A pool of us has more muscle than an Individual. Kinda like a baby institution. Don't you think? >>Big IPO Delivery for Webvan? by Joanna Glasner 12:30 p.m. 1.Oct.99.PDT Is it an Internet company? Is it a grocery delivery business? Is it a new paradigm for the digital age? Whatever it is, Webvan wants your money. The start-up cyber-supermarket -- which began commercial operation just four months ago -- is hoping to raise US$300 million in what is expected to be next week's biggest IPO. -------------------------------------------------------------------------------- Read more in IPO Outlook -------------------------------------------------------------------------------- The Foster City, California company, founded by bookstore magnate Louis Borders, is looking to the public market to fund its massive nationwide expansion plan. The company, which currently operates only in the San Francisco Bay Area, wants to build highly automated warehouses in up to 26 urban areas. To carry out the plan, Webvan intends to spend up to $1 billion in the next three years for construction. Naturally, it's experimenting with everyone's favorite method for raising startup capital these days -- an IPO on the Nasdaq exchange. Whether it's a good buy for investors is another question, some analysts say. "It's a lot of stock in a very unproven area," said Vincent Slavin, who tracks IPOs as an institutional investor with Cantor Fitzgerald. Slavin questions whether shoppers will want to buy produce and perishables over the Web, and given the size of the offering, he doesn't expect shares will see much if any run-up in first-day of trading. "I think this could be a volatile investment," said Tom Taulli, author of The Taulli Report, which tracks IPOs. Taulli said Webvan seems to have a strong management team and sees the market for same-day delivery of online purchases as ripe for expansion. However, he questioned whether Webvan will be able to carry out its very complicated and ambitious plan without hitting snags. For one thing, the planned expansion comes as competition is heating up for Web-grocery and drug-shopping services. Webvan faces rivalry from PeaPod.com, another delivery company; NetGrocer, which ships groceries through Federal Express; and Streamline.com, which delivers groceries, dry cleaning and a bunch of other stuff. If all goes well in IPO-land, Webvan will have plenty in its coffers to help stave off the competition. The company's planned 25 million share offering next week represents just a 7.8 percent stake in the company. If shares sell at the anticipated price, Webvan will get an instant stock market capitalization of $3.8 billion. It'll be higher, naturally, if the IPO explodes. Not bad for a company that currently has only one warehouse -- in Oakland. For comparison's sake, the nation's largest supermarket chain -- Kroger's -- has a market capitalization of $18 billion, for its squadron of more than 2,000 supermarkets and nearly 800 convenience stores. Of course, Kroger's doesn't have the word "Web" in its name. Webvan won't be the only new company competing for investor attention next week. A slew of Net and tech companies, ranging from Internet postage provider E-Stamp to broadcaster M Satellite Radio, are planning hefty IPOs. Analysts are expecting most will do well, although they aren't predicting the kinds of triple-digit percentage gains of some recent issues. "The IPO market seems to be going strong," said Peony Kao, an analyst with Renaissance Capital. "But there's nervousness overall." Fears of inflationary pressure and a possible interest rate could make for a turbulent week on Wall Street, Kao said. At the same time, Internet-related IPOs like Foundry Networks performed spectacularly this week, and investor enthusiasm could carry into next week. Slavin sees a few issues as particularly promising. Companies at the top of his list include DSL.net, a provider of high-speed Internet access to businesses, Interwoven a maker of software for managing Web content, and semiconductor company Silicon Image. In addition, Slavin said he sees potential for e-commerce software provider and market research firm Jupiter Communications. The flood of Net companies competing for the IPO spotlight is expected to continue through October and probably November, analysts said. Still, it's not only Internet companies that are trying to raise cash and attention. Net stocks may be out-flashed the week after next, when one of the biggest issues will be a $150 million offering from the World Wrestling Federation. <<