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

To: Lizzie Tudor who wrote (57627)	5/20/1999 9:15:00 PM
From: KeepItSimple	Read Replies (2) \| Respond to of 164684

No, you're confusing me with Bezos. >It appears that you are unable to comprehend what a business model is all about.

To: Lizzie Tudor who wrote (57627)	5/20/1999 9:51:00 PM
From: Gary Walker	Read Replies (3) \| Respond to of 164684

AMAZON supporters are like the builder of the Titanic who said she can't be sunk. Just because you've made money in this "Thing" don't think for one second that you understand business any better than or that you're smarter than the next person. There are plenty of competitors to go around and when the panic really ensues nobody will stop it. Commodity businesses are the toughest to make money as is demonstrated by Amazon's track record. Eventually the market rookies will learn what it takes to stay in business and it ain't glitz at conferences or speculative fever, it's profits pure and clear. Let's not confuse blind luck with understanding of business basics here. You and William have no some special insight into business. I maintain that you are lucky, pure and simple. You've been the "victim" of an unprecedented speculative wave that's way out front from reality. Say that you've made lots of money because you understand the Psychology of investing better than the rest of us. Heck, say you're lucky and I'm happy for your success, but skip the stale "you don't get the new business model" crap.

To: Lizzie Tudor who wrote (57627)	5/21/1999 8:36:00 AM
From: Robert Rose	Read Replies (1) \| Respond to of 164684

<Now some people can become successful without a business plan (Monica Lewinski and Kato Kaelin come to mind) > I'm rolling on the floor....LOL!

To: Lizzie Tudor who wrote (57627)	5/21/1999 8:55:00 AM
From: Glenn D. Rudolph	Respond to of 164684

We have told you time and time again that the amazon model depends on low margin commodity goods where incremental price reductions can squeeze the competition out of business. Amazon can no longer reduce costs based on economy of scale. So let's remove that argument. It appears that you are unable to comprehend what a business model is all about. Now some people can become successful without a business plan (Monica Lewinski and Kato Kaelin come to mind) but it is more elusive thats for sure. Michelle, Amazon has no business model. They are flying by the seat of their pants and every odd ball move proves that. If were not for MS, they would be history a long time ago. Glenn

To: Lizzie Tudor who wrote (57627)	5/21/1999 11:04:00 AM
From: Glenn D. Rudolph	Respond to of 164684

Price: $137 5/8 Estimates (Dec) 1998A 1999E 2000E EPS: d$0.50 d$1.74 d$1.85 P/E: NM NM NM EPS Change (YoY): NM NM Consensus EPS: d$1.70 d$1.27 (First Call: 12-May-1999) Q2 EPS (Jun): d$0.12 d$0.52 Cash Flow/Share: NA NA NA Price/Cash Flow: NM NM NM Dividend Rate: Nil Nil Nil Dividend Yield: Nil Nil Nil Opinion & Financial Data Investment Opinion: D-2-1-9 Mkt. Value / Shares Outstanding (mn): $21,607.1 / 157 Book Value/Share (Dec-1998): $0.49 Price/Book Ratio: 280.9x Stock Data 52-Week Range: $221 1/4-$13 5/16 Symbol / Exchange: AMZN / OTC Options: Phila Institutional Ownership-Spectrum: 36.2% Brokers Covering (First Call): 22 ML Industry Weightings & Ratings** Strategy; Weighting Rel. to Mkt.: Income: Underweight (07-Mar-1995) Growth: Overweight (07-Mar-1995) Income & Growth: Overweight (07-Mar-1995) Capital Appreciation: In Line (28-Jan-1999) Market Analysis; Technical Rating: Average (27-Apr-1999) Intermediate term opinion last changed on 09-Mar-1999. The views expressed are those of the macro department and do not necessarily coincide with those of the Fundamental analyst. For full investment opinion definitions, see footnotes. Investment Highlights: On May 17, Amazon.com announced that it will begin selling New York Times bestsellers at a 50% discount, instead of its usual 20%-40% off. We believe that this move has several implications for the company, stock, and industry. * Namely, we believe the move is: 1. positive for the long-term value of Amazon.com-the- company (we do not believe that the cut will have a major effect on the growth of Amazon.com's gross profit, especially over the long term), 2. possibly negative for the near-term performance of AMZN-the-stock (the perception of a possible price war is rarely positive for stock prices, especially in an industry in which the fear is that margins will go to zero), and, 3. negative for competitors, both on and offline (Amazon.com now has the wealth, scale, and ambition to seriously undermine the competition—and appears willing to use it). * We believe that Amazon.com's shareholder base is still in transition, with a group of investors moving out of the stock as a result of the company's slowing revenue growth. Aside from the typical end-of-quarter run and possible new product or investment announcements, we don't know of any catalysts likely to drive the stock higher near-term. We think it should be still a core holding in our long-term internet portfolio, however. Comment United States Internet \ Electronic Commerce 18 May 1999 Henry Blodget First Vice President Amazon.com Implications of Price Cut ACCUMULATE* Long Term BUY Reason for Report: Company Announcement Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department RC#20113828 Stock Performance 0 20 40 60 80 100 120 140 160 180 200 220 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 1996 1997 1998 1999 Amazon.com Rel to S&P Composite Index (500) (Right Scale)