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To: ecommerceman who wrote (2204)1/31/2000 12:42:00 PM
From: tuck  Read Replies (1) | Respond to of 2743
 
ecommerceman,

The bottom line may be the same, but it will be small. Many investors have valued PCLN based on top line growth. It was the only reason for valuing it so richly, the idea that huge top line growth necessarily leads to whopping profits down the road. While PCLN will perhaps make money, dilution will occur regularly, and the viability of its model is still in question. There is a lot of risk in bullish earnings forecasts, and the Street is getting risk averse right now.

Cheers, Tuck