AMZN madness

[Doug Henwood]

How about that stock market, eh? Amazon is up 47 3/4 points to 290 1/2 as I
type. Yahoo has a hilarious 5-day chart at
<http://quote.yahoo.com/q?s=AMZN&d=5d>. Today's ostensible reason: an
analyst at CIBC Oppenheimer figures the stock will hit $400, based on his
profit projections for 2004! And by his account, the stock is cheap today,
trading at only 28 times 2004 earnings!!!

Based on current prices, Amazon's stock is worth $15.2 billion, and Amazon
founder Jeff Bezos' personal stake is worth well over $5 billion. Barnes &
Noble's market capitalization is just $2.2 billion, meaning that Bezos
could buy B&N twice and still have hundreds of millions left over.

Truly America is a wondrous place.

Doug