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

To: Victor Lazlo who wrote (123969)	4/21/2001 9:24:09 PM
From: H James Morris	Read Replies (2) \| Respond to of 164685

>A.G. Edwards (AGE: news, msgs, alerts) may see its shares rise after a Barron's report said it may be a takeover target. With a market value of $3.2 billion, the 114-year-old, St. Louis-based investment firm is easily digestible for host of big financial services firms, the report says. Potential suitors might include Morgan Stanley (MWD: news, msgs, alerts) Victor, I went short again on Morgan Stanley at 66. Please wish me luck I think I'll need it. Btw I assume you know the Fowler/Harmond road show is a paid commercial for MWD?

To: Victor Lazlo who wrote (123969)	4/22/2001 12:36:01 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164685

so when is msdw going to go clean and hire you as Senior Anlayst/VP of Research ?? Do you really believe Morgan Stanley wants true research on the sell side? Also, I believe I could only do a good job on retailers. It is something I understand. re vendors, they are waiting a long time to get paid for the products. And their margins are very thin too, they don't want to float a lot of receivables. Perhaps some have stopped selling to amzn as you say. Most of the vendors using insurers do not have insurance for sales to Amazon now. I do not believe most vendors are too concerned at this point in time. It is up to them if they wish to supply without insurance. I do believe the risk becomes great in Q4 2001. Two problems crop up for the vendors. One is the no insurance and the other is the numbers are larger (much larger) in Q4. I believe it is safe to say Amazon will not be able to pay near term accounts payable in Q1 2002. Someone will get stuck and most of these vendors will not have supplied for Q4. I do not know if Best Buy has an interest in doing a deal with Amazon. I believe Best Buy does a fine job on their own. Amazon needs a electronics partner for Q4 and time is running out. The reason being is the electronics vendors will cut them off. If there is a deal, the electronics inventory will be owned by the partner so the vendors do not need to count on Amazon for payment. I understand the deal with Toys R Us meaning the reason Toys R Us wanted to make the deal. The toy retailing is about as seasonal as anything. Whe wants to hold or lease large DCs for 12 months when you only need them for two? Roys R Us for their brick and mortar stores have a lot of storage in rear parts of those stores. This is true for Best Buy but electronics are not nearly as seasonal. They still are seasonal but not to the extent of toys. I see a pattern for example Staples (which I believe does well on-line and off) uses the same DCs for their stores as they do for their on-line site. It works well for them and their business is not that seasonal. Best Buy I believe is doing that too as is Circuit City. This concept makes a lot of sense and turning a profit on-line or off is much easier this way. Penneys is using the same DCs for their on-line store as they do for their in the mall stores. It is also the same DC as used for their catalogue sales. That gives Penneys three uses for the same inventory at the same DC. It makes sense and Penney is becoming a real on-line player.