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

To: Glenn D. Rudolph who wrote (7659)	6/25/1998 8:32:00 PM
From: tonyt	Respond to of 164684

WSJ: Stocks Are Mixed As Techs Falter; Dollar Hits 142 Yen By TERRI CULLEN INTERACTIVE JOURNAL Stocks finished mixed Thursday, as investors moved to secure gains won in the technology sector's powerful rally over the prior three days. Bonds edged higher, while the dollar rose above 142 yen as investors cast off fears of another round of intervention by central banks. The Dow Jones Industrial Average rose 11.71 to 8935.58, bringing its three-day gain to 226.44. But the Standard & Poor's 500-stock index, which rallied to a new high Wednesday for the first time since April 22, slipped 3.60 to 1129.28, and the New York Stock Exchange Composite Index eased 1.04 to 576.14. The technology-rich Nasdaq Composite Index, which outperformed other indexes earlier this week, skidded 14.51 to 1863.25, with computer-related stocks leading the decline. The Nasdaq computer index stumbled 12.08, or 1.4%, to 828.91. Anthony O'Bryan, market strategist at A.G. Edwards & Sons, said some profit-taking was to be expected, given the technology sector's recent strong rally. "The techs have had a very big move in a very brief amount of time, so it's normal for some profit-taking to come in, particularly when fund managers have end-of-quarter performance in mind," he said. Intel and Microsoft led large-capitalization tech shares lower. Intel dropped 1 3/4 to 75 5/8 after the semiconductor giant confirmed reports that there is a bug in some of its Xeon chips, causing a delay of "a few weeks" in the introduction of some high-end workstations and servers. Microsoft, which unveiled its Windows 98 operating system Thursday, shed 3 3/8 to 101 9/16. Mr. O'Bryan predicted the tech stumble will be short-lived, however, "given the pressure money managers are under to put money to work." Indeed, Internet stocks continued to soar amid persistent speculation that some brand names in the group could be takeover targets. Yahoo! rose 3 1/2 to 152 1/4, Infoseek climbed 1 1/4 to 34 3/4 and America Online surged 4 1/8 to 108 1/16 . But Amazon.Com, which has rocketed nearly 25 points in the last three days, eased 3/4 to 99 1/16. Peter Cardillo, senior vice president at Westfalia Investments Inc., said blue chips found support from buying tied to the quarter end and relief that the market has made it through the volatile earnings preannouncement period. He added that President Clinton's visit to China this week also is helping to bolster U.S. multinationals, on hopes that the visit will result in a better trade relationship with the country and an assurance that Beijing will not devalue its currency. Meanwhile, bond investors once again had their eye on the currency markets. The dollar climbed above 142 yen -- the point where the Federal Reserve Bank of New York and the Bank of Japan last week intervened in the markets to support the yen -- but traded slightly lower against the mark. While traders remain cautious about the prospect for more central bank intervention, analysts say the fear is quickly eroding because Japan has failed to offer concrete policy measures to aid the sagging yen. A batch of U.S. economic data released early Thursday was dismissed as the market's attention returned to foreign exchange trading. The National Association of Realtors said sales of existing homes rose 1% in May, greater than the 0.6% increase expected. Separate reports on weekly jobless claims and revised first-quarter gross domestic product also were shrugged off by the market. World-wide, stocks gained in dollar terms. The Dow Jones World Stock Index was up 0.55 to 190.90 as of 5 p.m. EDT.

To: Glenn D. Rudolph who wrote (7659)	6/25/1998 9:45:00 PM
From: Dwight E. Karlsen	Read Replies (1) \| Respond to of 164684

say a little prayer for me. I bought one more AMZN put this morning at 11:30AM EST, with AMZN over 103. I bought one July 95, to augment my 2 July 85's.

To: Glenn D. Rudolph who wrote (7659)	6/25/1998 10:13:00 PM
From: Pullin-GS	Read Replies (2) \| Respond to of 164684

Sheesh this pig is bloated! I considered shorting, but passed. Putting a valuation on this stock make no sense at the moment. I shorted the snot out of KTEL in high 14s (It should be delisted) instead...it proxies price-wise real close as of late with KTEL....Looking for at least 15% by close on Friday....may even hold if I don't get called (I wasn't supposed to hold the KTEL short overnight....my broker really didn't have the shares to lend...so I expect a phone call in the morning) Hope all is well .... and go easy on the thread degenerates. <VBG> Regards....

To: Glenn D. Rudolph who wrote (7659)	6/25/1998 10:22:00 PM
From: jason D.	Read Replies (2) \| Respond to of 164684

Glenn- Don't cut those losses yet! AMZN has yet to close above 100. I haven't read a lot of posts here, but it seems like there hasn't been much thought today as to the significance of this century barrier. Its not a coincidence the last two days that AMZN was trading at 100 even minutes before the close and just failed to close above it. One month ago AMZN could not break the 100 barrier either after multiple attempts. Of course, once it split, 50 wasn't such a big deal to break through. Todays and yesterdays volume was also quite striking. Speculative blowoff yesterday and massive distribution today. Things have never looked better for the shorts. Chart screams that a top has been made. The greater fool theory has caused this stock to skyrocket, and it is likely the greatest fools were buying today. To think today was just another day in a skyrocketing stock is a little naive. (not necessarily talking to you Glenn) Volume means something, and it is very possible that the top was today. That said, this stock does not trade on fundamentals, but rather on momentum of which it has plenty. I got my puts today at 102. If AMZN ever closes above 105, I am out and just another in the long list of bears who became victims of the Amazon juggernaut. I will get on my horse and ride dejectedly out of town. (I don't own a horse, I just said that for effect) -Jason