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

To: Olu Emuleomo who wrote (28159)	11/25/1998 9:20:00 AM
From: Robert Rose	Read Replies (1) \| Respond to of 164684

FYI: Steve Harmon's Morning Report: Wed Nov 25 Up 92% Past Week: Onsale Leads ISDEX Etail Buying Spree By Steve Harmon Senior Investment Analyst Internet.com "Where Wall Street Meets The Web" As the U.S. gets in the turkey eating mood (or tofu for vegetarians) it's beginning to look like a banquet on Wall Street as ISDEX climbed 11% the past week, led by the etail sector once again. The top four gainers all sell stuff. Two of these stocks--Amazon (NASDAQ:AMZN - news) and eBay (NASDAQ:EBAY - news) looked ridiculously overvalued going into the week but managed to gain 40% to 50% even so. Proof the either the greater fool theory has been embraced. And also evidence that there's a real lack of "known" etail stocks to choose from, hence the sudden surge in a handful of other commerce firms such as "nerdtailer" Egghead.com (NASDAQ:EGGS - news) , and the music sellers CDnow (NASDAQ:CDNW - news) and N2K (NASDAQ:NTKI - news) . Indeed, investors (or traders along for the ride) frowning on the astronomical units needed to buy shares of eBay found solace in buying shares of Onsale (NASDAQ:ONSL - news) which hit an all-time high of $50.25 per share before ending the day up 51% yesterday to $43.875 per share. Fueling the rocket? news the web auctioneer/etailer debuted a holiday shopping site. Meanwhile, Beyond.com (NASDAQ:BYND - news) went a little beyond and raised $50 million via 7.25% interest converts which convert to equity at $18.34 per share. The software etailer was cashed up from its June IPO but tapped the market for the "get bigger, faster, and even bigger" nature of the Internet etail. Wall Street rewards dominating leaders--something Beyond isn't yet but wants to be. <Misformatted table deleted> News behind the moves: 98.11.24 - AOL (NYSE:AOL - news) makes it official with a $4.2 billion stock swap for Netscape (NASDAQ:NSCP - news) . We target the revenue multiple at 6.8x annualized or about 5x our estimated Netscape revenue for 1999. On a Web site value per user basis the deal could be $268. The combined company would generate about $4 billion revenue or trade about 11x annualized revenue for the two of them. AOL now owns the software platforms for the world's largest online service (AOL, 14M subscribers), the world's largest instant chat service (ICQ, 21M users) and once the deal goes through will own the world's largest (though waning) browser maker (Netscape, 60M users). 98.11.23 - eBay (NASDAQ:EBAY - news) rockets up 31% today to $193 per share as retail investors start to believe strongly that it could be the "next Yahoo." We've been a doubter of EBAY valuation since day one but think that now too many momentum, shortsellers, enthusiasts, combined with its market leader status, may keep it in the top valuation arena for quite some time. But maybe not forever. One hiccup and EBAY could be at the bottom of the Bay. And auctions will be everywhere soon. Another way of looking at eBay is as electronic classifieds. Doesn't sound as sexy does it? 98.11.23 - Egghead.com (NASDAQ:EGGS - news) , as many of you e-mailed us about, debuts a "new and improved" Web site that blends its etail, auction and surplus sales into an easier to use frontend. As an early believer in EGGS going back to the start of this year, we applaud Egghead's move from terrestrial-based heavy overhead bricks and mortar to "zero G" (zero gravity, my term for the benefits and advantages of Internet commerce). But Egghead's new move to sell non-tech items doesn't seem quite ready for prime time. Its sporting goods yielded no results at all for "boxing" - a very common sporting good. Nor was "jump rope" found in a search either. On the Internet having more items than a land-based store is paramount. Egghead should probably stick to the tech stuff and home electronics before debuting new offerings without a full product range supporting it. 98.11.20 - Inktomi (NASDAQ:INKT - news) inks a deal with AOL (NYSE:AOL - news) for AOL's ICQ instant messaging platform. Inktomi's search engine will power the search for ICQ's new interface debuting soon. ICQ reports an average of 4.8 million registrants use ICQ daily for about 69 minutes. About 700,000 simultaneous users are on during peak usage. 98.11.20 - Verio (NASDAQ:VRIO - news) agrees to sell $400 million, 11.25% senior notes due 2008. The issue will help the ISP in its $267 million acquisition of Hiway Technologies. Terms there: $176 million cash and 4.92 million VRIO shares. 98.11.19 - EarthWeb (NASDAQ:EWBX - news) shares climb 20% to $47 per share, as do shares of another recent IPO, theglobe.com (NASDAQ:TGLO - news) which rises 31% to $42 per share. 98.11.18 - Infoseek (NASDAQ:SEEK - news) and Disney (NYSE:DIS - news) complete their agreement with Disney acquiring 43% of SEEK for $430 million and Disney's interest in Starwave. The two have been planning a new Web guide/service called "go.com" set to debut any day now. It will be first proof of "fruit" from the Disney deal and one which we'll watch closely to set the tone for the future of SEEK shares.