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Non-Tech : Barnes & Noble (BKS) -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (1036)	5/10/1999 2:29:00 AM
From: Glenn Petersen	Read Replies (2) \| Respond to of 1691

Yes, AMZN has lost money but it can be argued that their financial operating performance exceeds the results recorded by BNBN. Consider the following: Year ending December 31, 1998: AMZN: Sales: $610.0 MM Net loss: $(125.0 MM) BNBN: Sales: $62.0 MM Net loss: $(83.0 MM) Quarter ending March 31, 1999: AMZN: Sales: $294.0 MM Net loss: $(36.0 MM) BNBN: Sales: $32.0 MM Net loss: $(20.0 MM) AMZN's market cap is approximately 8.85 times that of BKS, but what is the real value of BKS? Don't you need to separate the values assigned to BNBN and the bricks and mortar? Also, AMZN has created a powerful, viable brand and it has kept itself in a continual state of evolution. It is going to be very hard, if not impossible, for BNBN to catch them. I don't think that they can be as nimble as AMZN.

To: American Spirit who wrote (1036)	5/10/1999 2:37:00 AM
From: Daskin	Read Replies (2) \| Respond to of 1691

I believe BKS is worth MUCH more than Amazon. However, what we worried here shouldn't be valuation because none of any Net IPOs makes sense by valuation. In most current issue of BusinessWeek, it says David Dreman recently applied the traditional dividend discount to 10 bellwether Internet stocks. By his measure, eBay should be worth somewhere between $3 to $6, and Yahoo is around $13. I am not saying Internet stocks should be valued by this way, because it neglects the high growth potential of e-commerce. The issue here is whether investors are going back to traditional valuation. It is the weakness of Internet sector we should worry about. BNBN is kind of late for the show. But hope it is not too late! I am confident that it will go pass 40, but I am not sure we can see 50.