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To: H James Morris who wrote (3941)5/5/1998 12:42:00 AM
From: Gary Korn  Respond to of 164684
 
News story on a site, www.audible.com that downloads audible books
in a digital format. The technology is poor, but any book in audible
form could be downloaded by any web purveyer (including AMZN).
Saves shipping and packaging costs:

5/5/98 N.Y. Times News Serv. (Page Number Unavailable Online)
1998 WL-NYT 9812402201
New York Times News Service
c. 1998 New York Times Company

Tuesday, May 5, 1998

The Science Times: Gadgeteers Now Can Listen To The Web While Jogging,
But There's A Price
By STEPHEN MANES

If you are willing to pay a premium up front and put up with plenty of
annoyance in exchange for bargain prices on spoken-word programming, the
digital world has a gadget for you. The Audible Player is a pocket-sized 3.5-
ounce plastic device shaped like a child's mitten without the thumb. It costs
about $200 and is designed to play audio books and other programs that you buy
and download in digital form from the Web.

In other words, it is a lot like a standard Walkman-style cassette or CD
player, except that the Walkman is cheaper, has high enough fidelity for music

as well as words, takes just seconds to swap material, plays in stereo, runs
quite awhile on standard batteries and does not require Windows 95 or NT. But
the Audible Player weighs less and has fewer moving parts.

The Audible Player, made by Audible Inc. of Wayne, N.J., comes with
headphones, a carrying pouch, an adapter that slips into a standard cassette
player and a cradle, which must be connected to AC power and a serial port to
transfer data from a computer to the device. An accompanying CD-ROM supplies
the requisite plumbing software as well as several hours of audio programming,
including poetry by Robert Frost, humor by Dave Barry and selections from Frank
Herbert's "Dune," The Harvard Business Review and Car Talk.

Those trial programs are also available free at www.audible.com in exchange
for information about yourself. You do not need the stand-alone player to
listen to this or any of Audible's other programming; player software that
works on Windows 95 and NT computers is free for the downloading.

The site offers more than 4,000 programs, from Sue Grafton's "A is for Alibi"
to Zora Neal Hurston's stories, at prices as low as 95 cents for some short
subjects and as much as $12.95 for a few business titles. Because Audible
delivers digital bits rather than a physical package, Frank McCourt's 4 1/2-

hour abridg-ment of "Angela's Ashes" costs just $8.95; the same reading on CD-
ROM from Amazon.com goes for $21 plus shipping. An unabridged version of George
Orwell's "Animal Farm" costs $6.95 from Audible; at Amazon, the cassette is
$11.87 plus shipping.


These bargains have their drawbacks. Audio clips played directly on my 90
megahertz Pentium machine stammered to the point of uselessness whenever other
programs were doing anything of consequence; things worked without a hitch on a
400 megahertz machine, so the cutoff point presumably lies between. Even at its
best, though, Audible's compression scheme reduces audio quality to the point
where some "programs with substantial musical portions are currently
unavailable."

Buying programs over the Web is simple enough, but downloading can easily
take half an hour for a 4-megabyte, 2-hour program, which is as much as the
player can hold. And the site needs work. When I tried downloading the 2-hour
April 3 edition of National Public Radio's "Talk of the Nation Science Friday"
for $2.95, the excerpt I received was only an hour long and the wrong show.
Programs in that series are available free at NPR's site anyhow.

The player has a volume knob plus five buttons that serve multiple functions

and take getting used to. The buttons let you jump from section to section of a
program, bookmark favorite passages and skip forward or backward seconds or
minutes at a time. But you cannot sample the audio at fast forward, and aside
from an LED that flashes puzzling colored patterns, all feedback is audible.
That means you cannot really tell where you are in a program, and you cannot
tell by looking what programs are stored in the device. The unit cries out for
an alphanumeric display.

For cars and other places where more than one person might want to listen,
the player can transmit an FM radio signal that can be picked up by a standard
radio. First you tune the radio to an unused channel, which is not always easy
in urban areas. Then you set the player to generate a steady tone, slowly turn
an unmarked dial on the back until you hear the tone through the radio
speakers, and switch to programming from the device.

Getting all that to work is neither easy nor worth the bother, because the
signal tends to break up at the slightest provocation. I finally gave up and
switched to the cassette-player adapter. It did not deliver particularly good
sound, but at least it worked. Air travelers take note: According to the
manual, the player's FM radiation makes it a potential navigational hazard if
it is turned on while the headphones are unplugged.


Because the unit lacks removable memory and can hold only about two hours of
content, you must return it to the cradle often for refills. Uploads from the
computer take about 10 minutes and are usually smart enough to avoid erasing
what you have not listened to already. But recharging the battery takes 60 to
90 minutes. A full charge is supposed to last at least three hours, but not
necessarily long enough for two full programs. An extra battery costs $25 and
can be recharged separately in a well on the back of the cradle.

The device can also accept a downloadable format called Mobile RealAudio, not
to be confused with the popular standard RealAudio. It may conceivably catch
on, but only one site, www.dailybriefing.com, offers programming that uses it.

The player is hardly a work of art. The volume control on the one I tried
moved jerkily, and the case nearly came apart when I inadvertently inserted the
battery the wrong way. The button on the cradle does not match the one that
appears in on-screen instructional messages, and tends to make the cradle slide
across the desk whenever you push it. Though there is a 30-day unconditional
refund policy, the warranty against defects lasts just 90 days.

The Internet will undoubtedly be a major conduit for audio programming in the

coming years, and the Audible Player is probably worthy of a minor footnote in
the annals of Internet commerce despite its many limitations. But the next
Walkman this is not.

23:21 EDT MAY 4, 1998

---- INDEX REFERENCES ----

NEWS SUBJECT: New York Times News Service; New Products & Services;
Science & Technology (NYTM PDT SCN)

Word Count: 1029
5/5/98 NYT (No Page)
END OF DOCUMENT



To: H James Morris who wrote (3941)5/5/1998 12:46:00 AM
From: Gary Korn  Read Replies (1) | Respond to of 164684
 
5/4/98 U.S. News & World Rep. 60
1998 WL 8126689
U.S. News & World Report
Copyright 1998

Monday, May 4, 1998

Culture & Ideas

Books in cyberspace Why not create a national library online? The results could
be good for everyone; David H. Rothman (rothman@clark.net/www.teleread.org) is
author of NetWorld! (Prima, 1996)
David H. Rothman

Computers just don't cut it for beach or bathroom reading. But
imagine a computer shaped like a real book, complete with pages one
can flip, each embedded with programmable "type" that could
reproduce anything from a trigonometry text to The Great Gatsby.
Techies at the Massachusetts Institute of Technology recently
trotted out a primitive prototype of a gadget that in the next five

years may do exactly that.

It's about time. Amazon.com notwithstanding, the Internet
is already siphoning off the money and time of some people who
might otherwise buy books.
But what if the MIT gizmo and the Net
could help raise literary and educational standards and aid
publishers and writers along the way? A national library online
could offer free and enticing books from private publishers and
fairly reward copyright holders. Right now, public libraries can
scrounge up a measly $3 per capita for books. Writers earn perhaps
$5 billion to $6 billion annually from U.S. book royalties--less
than a third the amount by which Bill Gates grew richer in the
12-month period ending last summer.

Avoiding Big Brother. This is not to say Washington should
ape the old Soviet cultural bureaucracy and bestow grants on
political favorites. Instead, a tax-supported national library fund
could pay writers or publishers by their titles' popularity. Those
rejected could pay the fund to have their books included--gambling
that they would make the money back. What's more, librarians across
the country could help run this virtual library to avoid Big

Brotherish domination by the feds. Funding could be private as well
as public. People like Bill Gates, who has committed only about
half a percent of his $50 billion fortune to libraries, might take
the opportunity to become full-fledged Carnegies.

TeleRead, as the library might be called, could build on
existing efforts and enrich the Internet with material besides
books--educational software, for example. But please don't neglect
books, the best way to encourage sustained thought. And TeleRead
books ought not to be limited to children; we should also urge on
their No. 1 role models--parents.

Beyond supplying a true national library online, TeleRead
could, through guidelines or targeted government grants, encourage
schools and libraries to buy book-friendly computers. These small
machines could be tablet-style and sharp-screened, and electronic
pens could let you pick out chapters, browse the Web, or write
E-mail. Flippable pages of the MIT variety would just add to the
allure of TeleReaders. And so would the right talk from Al Gore or
Newt Gingrich. What's more, the school market could whet Silicon
Valley's interest and seed the retail market; parents eventually
could buy TeleReaders at Kmart for under $75.

With electronic pens and good handwriting recognition,
TeleReaders would also excel at E-forms and allow for
more-efficient dealings with the IRS or the corporate world. A bank
can save as much as 90 percent on a transaction made on the Net
instead of through a local branch. In our $7 trillion economy, the
popularization of E-forms could indirectly shift billions of
dollars from paperwork to books.

Simply put, books and bytes needn't war with each other.
With marvels like the MIT gizmo on the way, we can enjoy real books
in cyberspace.




To: H James Morris who wrote (3941)5/5/1998 12:49:00 AM
From: Gary Korn  Respond to of 164684
 
5/4/98 High Yield Rep. 1
1998 WL 5120114
High Yield Report

Monday, May 4, 1998

Vol. 9, No. 18

Amazon To Hit Next Week

Among the most-discussed new deals upcoming is the $275 million offering for
Amazon.com, which sells books over the Internet. Morgan Stanley Dean Witter is
leading the offering for this company, which has watched its stock rise from
$20 a share in May 1997 to close to $100 a share as of last week.

Most of the proceeds are being used for general corporate purposes. The zero
coupon issue will have a 10-year final maturity and is callable in 2003. The
deal is being roadshowed next week and is benefiting from a recent trend of
Internet-related companies that have hit the high yield market.

Verio, PSI Net, and Bell Technology Group have all issued high yield bonds
in the last month, with PSI Net arguably the most successful. That deal was
doubled from $300 million to $600 million during syndication.

However, sources said those companies, as service providers, were closer to
other telecommunications companies currently building their business, while
Amazon.Com would qualify as an Internet marketing company. The company is the
largest on-line retailer, with a catalog of 2.5 million titles. It is this
niche business that had one investor worried, because he believes large
bookstore chains could easily tap into this type of business.


---- INDEX REFERENCES ----

COMPANY (TICKER): Amazon.com Inc.; Morgan Stanley, Dean Witter, Discover & Co.; Bell Technology Group Ltd.; Bell Technology Group Ltd. (AMZN MWD BTG BELT)

NEWS SUBJECT: World Equity Index (WEI)

NEWS CATEGORY: NEWS ARTICLE

INDUSTRY: Limited Product Specialty Retailers; All Specialty Retailers; Diversified Financial Services; Computers (OTS RTS FIS CPR)

Word Count: 204
5/4/98 HIGHYRPT 1
END OF DOCUMENT



To: H James Morris who wrote (3941)5/5/1998 12:53:00 AM
From: Gary Korn  Respond to of 164684
 
5/4/98 Newsbytes (Pg. Unavail. Online)
1998 WL 11721637
Newsbytes News Network

Monday, May 4, 1998

Borders.com Going Live This Week
Bob Woods, Newsbytes

ANN ARBOR, MICHIGAN, U.S.A., 1998 MAY 4 (NB). Borders Group Inc.
[NYSE:BGP], one of the US's largest book store chains, is about to enter
the increasingly crowded waters of electronic bookselling already
occupied by Amazon.com [NASDAQ:AMZN] and Barnes & Noble [NYSE:BKS].
Company officials told investors at a meeting Monday that its
Borders.com World Wide Web site will go live sometime this week.

Details regarding the site will be covered when it launches, Borders
officials said.

Web surfers interested in Borders' Web site can enter their e-mail
address at the site to be informed when it opens, Newsbytes notes.

The company made its e-commerce announcement when it pre-released its
earnings at an investors meeting. For the first quarter of 1998, Borders
said it expects to report diluted earnings per share of $0.05 compared
to break-even diluted earnings per share of $0.00 in the first quarter
of 1997. Company officials credited "increasing earnings momentum of the
core business and in particular Borders' superstores" for its increased
earnings.

Analysts had expected Borders to come in at $0.04 a share, according
to a survey taken by First Call Inc.

But management said its first quarter improvement was "offset by
strategic spending on Borders.com," which has yet to show any revenues.
[Korn: So what else is new vis-a-vis internet bookselling?]


International operations and "other strategic initiatives" also impacted
first quarter performance, officials said.

Consolidated sales for the quarter were $545.4 million, a 17.6 percent

increase over the prior year sales of $463.6 million. Borders sales
increased to $335.0, a 27.1 percent increase over last year sales of
$263.5 million, which reflects an increase in the number of stores
during the preceding 12 months from 163 to 206.

Borders plans to formally release its first quarter earnings report
May 13, officials added.

Borders' Web site is at borders.com .

Reported By Newsbytes News Network: newsbytes.com .

13:02 CST

---- INDEX REFERENCES ----

COMPANY (TICKER): Borders Group Inc.; Amazon.com Inc.; Barnes &
Noble Inc. (BGP AMZN BKS)

KEY WORDS: ONLINE

NEWS SUBJECT: High-Yield Issuers (HIY)

NEWS CATEGORY: NEWS

INDUSTRY: Information & On-Line Services; Limited
Product Specialty Retailers; All Specialty Retailers
(IAS OTS RTS)

Word Count: 303
5/4/98 NEWSBYTE (No Page)
END OF DOCUMENT



To: H James Morris who wrote (3941)5/5/1998 12:56:00 AM
From: Gary Korn  Respond to of 164684
 
5/4/98 S.F. Chron. B3
1998 WL 3913027
The San Francisco Chronicle

Monday, May 4, 1998

BUSINESS

STOCK OF THE WEEK

AMAZON.COM/ STOCK OF THE WEEK
Julia Angwin

-- Headquarters: Seattle

-- Business: Amazon.com sells books via its Web site. The
startup, which calls itself earth's biggest bookstore, claims to
offer 2.5 million book titles. It recently announced it would start
selling CDs and videos as well.

-- Background: Founded in 1995, Amazon.com was the first Internet
company to popularize the notion of selling books online. It still
hasn't posted a profit and faces stiff competition from Barnes &
Noble's Web site and online plans from other booksellers.

Nevertheless, the stock has been immensely popular on Wall Street.
Last week, the stock split after the company posted a first-quarter
loss of $9.3 million on sales of $87 million. It also announced it
would pay $55 million in cash and stock for three Internet companies
that will help it enter the European and video sales market.

-- 52-Week High/Low: $100 (4/98), $15.75 (5/97)

-- Friday's close: $94.50

Upside:

Steven Horen, senior research analyst at NationsBanc Montgomery
Securities in San Francisco

Recommendation: Buy

Amazon.com remains a clear leader in the Internet commerce space
in general and certainly within their product category online.
They've now become the third largest U.S.-based bookseller of any
kind and the company is turning in very impressive results.

I think there will be competition, but I also think it is
difficult for store-based retailers to shift into a direct marketing
style of business. They are very different businesses.

They also have lots of opportunities to trim their operating
expenses, particularly by automating the process of finding and
sending books to customers. It's highly labor intensive right now.
But when they do that, combined with continued growth going forward,
I think they're going to become a very profitable company.

Over time, maybe a couple or three years, I think there will still
be lots of upside on this stock.

In my mind, this is absolutely a long-term acquisition.

Downside:

Michael Murphy, editor of the Overpriced Stock Service, a
newsletter in Half Moon Bay

Recommendation: Short (He is betting that the stock will fall.)

There's an Internet stock mania going on right now and people are
going to get hurt when it blows apart.

Amazon.com is a good example of the mania -- it's got a $2.2
billion market cap even though it is losing a ton of money.

This week two analysts who thought the company would make money
next year revised their estimates to show even bigger losses.

It looks like this company may never be profitable. They can't do
it now with only one major competitor: Barnes & Noble. And the

competition is going to intensify with Borders Books and Music (owned
by Kmart) coming in soon and Bertelsmann AG (a German book publishing
giant) expected by September.

In addition, there's a real incentive on the part of publishers to
cut middlemen like Amazon out of the loop. Undoubtedly somebody out
there is working on software that will help consumers surf all the
publishers' Web sites.

To succeed, Amazon would have to cut its margins low enough to
prevent publishers from cutting it out of the loop.

Frankly, I don't think Amazon's long-term strategy works.

---- INDEX REFERENCES ----

COMPANY (TICKER): Amazon.com Inc.; Barnes & Noble Inc. (AMZN BKS)

KEY WORDS: BUSINESS

NEWS SUBJECT: High-Yield Issuers (HIY)

INDUSTRY: Limited Product Specialty Retailers; All
Specialty Retailers (OTS RTS)

EDITION: FINAL

Word Count: 521
5/4/98 SFCHR B3
END OF DOCUMENT



To: H James Morris who wrote (3941)5/5/1998 1:00:00 AM
From: Gary Korn  Read Replies (2) | Respond to of 164684
 
Dow Jones News Service
Copyright (c) 1998, Dow Jones & Company, Inc.

Monday, May 4, 1998

Amazon Com (AMZN) Block Equals 0.8% Of Shrs Out
AMAZON.COM INC.
Last trade NMS: +5/8 at 95 1/8 on zero tick
Trade vol: 200,000 = 40.0% ttl vol= 0.8% shrs out
Ttl blk vol: 200,000 = 40.0% ttl vol= 0.8% shrs out
Avg blk vol: 110,572 = 12.2% avg daily vol
Ttl vol: 499,500 = 55.1% avg daily vol
Avg daily vol: 906,797 / Prev day +2 3/4 on 775,600

(END) DOW JONES NEWS 05-04-98

02:31 PM



To: H James Morris who wrote (3941)5/5/1998 1:05:00 AM
From: Gary Korn  Read Replies (2) | Respond to of 164684
 
Following is the 200,000 share trade as it occurred today.
Can anyone tell if it was a purchase from a MM or a sale
to a MM?

For two reasons, it looks to me like it might have been a sale
to an MM:

1. An intraday chart shows the stock trading at 95 1/4 for a
period of time before the big block at 95 1/8.

2. After the 200K trade at 2:24, there is a slight slope down
until 3:51 p.m. when the stock traded at 94 1/4. (For the last 9
minutes of the day, end of day short covering boosted the stock
back up above 95.) The slight decline may indicate that the
shares were being worked off, or may be indicative of the general market
which weakened late in the day.

AMZN - Transaction Log
2:28:23 S 1000 95.1
2:28:22 S 95:1 - 95.2 6x10
2:27:50 S 1000 95:3
2:27:50 S 1000 95.1
2:27:49 S 1000 95.1
2:25:57 S200000 95.1
2:25:25 S 400 95.1
2:24:42 S 100 95.2
2:24:01 S 95.1 - 95.2 10x10
2:24:01 S 100 95:3
2:24:01 S 100 95:3
2:23:32 S 500 95.2
2:23:28 S 95.1 - 95:3 10x1
2:23:27 S 500 95.2
2:23:26 S 100 95:3
2:23:25 S 200 95:3
2:23:25 S 500 95:3
2:23:25 S 100 95:3
2:23:24 S 200 95:3
2:23:24 S 95.1 - 95.2 10x10
2:23:23 S 500 95:3