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

To: drakes353 who wrote (1345)	5/24/1999 11:47:00 AM
From: Anaxagoras	Read Replies (1) \| Respond to of 1691

<<On target ....>> Well, that would just be because they are your Big Three. ;-) <<Blew out the last of my BKS this AM.>> More nimble than me.... :-( <<If it can't rally on an increase in the size of the offering and a bump in the range it just ain't a gonna rally.>> Well, probably not very much, anyway. Since I'm still in I'll probably stick it out until the sector rally hits and then bail. FWIW, here's what Steve Harmon had to say about BKS in his newsletter today (BTW, he encourages redistribution as long as attribution is given, so no copyright problem here with the repost): <<barnesandnoble.com "Steve: where do you see barnesandnoble.com's IPO today if it goes?" Reply: barnesandnoble.com's first-quarter sales reached $32.3 million vs. Amazon.com's (NASDAQ:AMZN) $293.6 million. So my first comment is these two are not competitors. In my view Amazon has won or at least competes in a different league. bn.com plays catch up and will do so for a long time while Amazon goes and spends its $3.5 billion in debt/securities. Some have said Amazon should acquire Lycos (NASDAQ:LCOS). I think if Bob Davis was keen on being a shopping portal then that makes sense, and it's all Web. Then Amazon can go cut a TV deal with much greater leverage than Lycos could. On barnesandnoble.com's IPO I would think a fair value could see it in the $2 billion market cap first day. To get there I expect that money managers that missed the Amazon story will mistakenly buy into bn.com's story on the belief that it's a similar plot. I would say it's not. But investors may likely convince themselves that having Barnes & Noble (NYSE:BKS) as a parent company and leverage will make bn.com stock more "solid." The problem is that having BKS as parent translated into them not seeing the shift to Web-based bookselling three years after Amazon. In other words, it's a drag on being a pure Internet enterprise. The difference is key: Amazon is not a bookseller, it's a pioneering e-tailer; bn.com is a bookseller, and a copycat bookseller at that.>> Anaxagoras