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

To: Oeconomicus who wrote (22783)	10/23/1998 6:50:00 PM
From: H James Morris	Respond to of 164685

Bob< I really would like to see what facts,> Do you also mean the fundamentals? Please remember that William thinks it's a Casino in Sherman Oak's

To: Oeconomicus who wrote (22783)	10/24/1998 11:08:00 AM
From: Glenn D. Rudolph	Respond to of 164685

Perhaps I missed it if someone already posted it, but could someone share more of Meeker's "analysis"? I really would like to see what facts, assumptions and reasoning she uses to justify recommending AMZN at any price. Bob, There are no facts. There is no justification for the share price and to keep a buy rating on it. It simply is Mary Meeker saying buy this POS because we are an investment banker than stands to benefit. The same at DLJ. Glenn

To: Oeconomicus who wrote (22783)	10/24/1998 6:40:00 PM
From: Glenn D. Rudolph	Respond to of 164685

The Internet Capitalist SG Cowen Internet Research 9 We have received several queries over the last few weeks about this trend and, by extension, its potential impact on Internet advertising-based business models. We tend to fall in the less-concerned camp on this one, for a few reasons. First, the Internet remains structurally advantageous to traditional media advertising; Internet advertising is still more measurable and target-able than traditional forms of advertising, making the ROI not only higher, but measurably so. If budgets are to be cut, those cuts invariably come from either (1) non-“ core” advertising or (2) campaigns whose ROI is questionable or non-existent. Second, we're still talking about small potatoes here; $112 billion (at 6% y/y growth) will be spent in all advertising media in the US in 1998: the Internet could account for something like $2 billion when all is said and done at the end of this year (with that figure double 1997's $1 billion in Internet advertising spending). Given the absolute size of Internet ad spending as well as its growth rate, we're hard pressed to come up with a scenario that would cause a meaningful dampening of Internet ad spending over the next several quarters. And though we will maintain a watchful eye toward traditional print media advertising conditions, our initial reaction to Dow Jones and Ziff Davis' woes was rather ho hum. And though print media advertising may be slackening, we have at least one data point to suggest that cable TV advertising will hold its own. Who's to argue with Gerry Levin, Time Warner's CEO, who thinks that his cable business is recession-resistant and that his networks would fare well in a tough economy because they represents a "better buy" to advertisers than network television. Switch “Gerry Levin” with “Bob Pittman”, “cable networks” with “online service”, and you can understand why we're so happily bullish on AOL. Valuation Watch Internet Boom Meets Internet Backlash…Meets Internet Quasi-Boom? “Every day I wish I was in cash” comes a quote across the wire a few weeks back, amid the bloodletting of margin calls and the unwinding of large bets on sundry treasury or currency instruments at hedge funds. These events, though considerably distanced from the process of picking Internet stocks, have nonetheless impacted this sector (as discussed above in “The Week”), causing some wild price gyrations day-to-day and week-to-week. And though the process of price discovery and capital formation may be bruised and wobbly, it is by no means down for the count, as evidenced by the return of some order (read: advance) to the prices of Internet stocks. The leaders in the sector, AOL, Yahoo! and Amazon, are up 30% or more from the lows reached over the last few weeks, (with some others up more than 50% off their bottoms), suggesting the Street has regained comfort that these stocks don't go to zero in a tough economic or valuation environment and have for now, found a floor. One can sense the level of frustration (or jubilation if one was short) for Internet investors over the last several weeks as these stocks succumbed to a deflation all their own, then moving boldly upward at the Federal Reserve's surprise decrease in rates. Coupled with this more benign environment, however, Internet investors have been able to concentrate on these company's underlying fundamentals over the last 10 trading sessions. Because September quarter earnings have been so strong (66% of Internet companies have had positive surprises), the Street's fears have been allayed, allowing more aggressive