TODAY: Rick Wayman, CFA, looks beyond--and under--the numbers posted by
Amazon, and comes to a different conclusion than many others around him.
Also, frequent contributor Dave Sterman warns investors against being
caught up in another wave of euphoria. And Shannon Swingle, our
contributing editor, discusses the investment opportunities afforded by
strategic sourcing.

Indeed, from B2B to B2C e-commerce, networks get a lot of play this
week: in addition to a free report on Amazon.com, readers can download a
pair of reports on networking stocks or sign up for Morgan Stanley's
free research trial to download a recent report on Network Associates
(NETA).

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Below
---------

Investment ideas
Broker reports
Top 10
Free and sponsored reports

==============================================================


Investment ideas
-----------------------------------------

1. Pro forma profits: Hell freezes over (on a pro forma basis)
Could Amazon be pulling an Enron?

By Rick Wayman, CFA

I always thought that hell would freeze over before Amazon.com (AMZN)
posted a profit. This company, and the market's love affair with it, has
always amazed me. After all, how could a market (even an irrational one)
price this stock near $120 at a time when it was losing $0.44 on every
dollar of sales, which is what happened in 1999?

Ever since Jeff Bezos, the Prince of Pro Forma, announced that AMZN
would post a profit by the end of 2001, I eagerly awaited the release so
I could see how, not if, he would concoct the desired result.

I was not disappointed.

Click here to read more:
http://www.theinternetanalyst.com/article.asp?docid=6233&nd=0124


2. B2B insights: Strategic sourcing
Streamlined processes and lower costs create new investment opportunities

By Shannon Swingle, contributing editor

B2B e-commerce stocks suffered from highly publicized plummets during
the last two years, placing weaker players in jeopardy, but since
September this group has seen an impressive run-up in the shares of some
stocks. Far from being on the verge of extinction, it's a sector with
multi-trillion-dollar potential, a piece of which many vendors are
trying to grab.

Click here to read more:
http://www.theinternetanalyst.com/article.asp?docid=5983&nd=0124


3. Insider selling: Sucker's rally
Fool you twice, shame on you

By Dave Sterman, equity research analyst

In recent months, investors have returned to their speculative ways,
bidding up share prices in companies that still face challenging
outlooks to say the least. With signs emerging that the economic
recovery will be tepid at best, these investors may want to proceed with
caution. Indeed, some of the biggest gainers in recent months may be the
most vulnerable to a pullback, especially those for which the company-
specific outlook has yet to brighten.

Click here to read more:
http://www.theinternetanalyst.com/article.asp?docid=6119&nd=0124


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Broker reports
-----------------------------------------

1. SPECIAL REPORT: Morningstar explains why it finds FMKT attractive
despite ongoing risks.

The firm makes a valuation-based bullish investment case for this B2B
services company. An investment overview, valuation analysis, analyst
report, peer comparison, and grades on growth, profitability, and financial
health all included. (3-page report for purchase - $10)
http://www.theinternetanalyst.com/download.asp?docid=21260335&nd=0124



2. WHAT'S HOT?: Network power

C.E. UT explains why it sees sector bellwether Cisco (CSCO) and
Riverstone (RSTN) as two well-positioned companies in the space. Also,
why it is cautious on companies with focus on next-gen solutions.
Valuation comparison chart. (4-page report for purchase - $10)
http://www.theinternetanalyst.com/download.asp?docid=25935347&nd=0124


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Free and sponsored reports
-----------------------------------------

1. FREE RESEARCH REPORT:
Amazing Amazon

Stating that it believes the company has "turned the corner," Hambrecht
reviews the first ever profitable quarter for Internet retailing giant,
Amazon.com (AMZN). This 7-page report, which usually sells for $25, is
free to members for the next 72 hours.
http://www.theinternetanalyst.com/download.asp?docid=26054909&nd=0124


2. FREE SPONSOR REPORT:
Morgan Stanley sets a $35 price target for "outperform-volatile"-rated Network Associates (NETA).

The firm argues that NETA is gaining marketshare and "still has
significant margin expansion ahead." Readers can download this report,
which outlines the firm's valuation analysis and investment positives
and risks, for free by registering for the firm's free-research trial.
http://www.theinternetanalyst.com/download.asp?docid=4340536&sid=8&nd=0124


Top 10
-----------------------------------------

Top 10: Most recommended Internet stocks

This week's selection includes USA Networks (USAI), AOL-Time
Warner (AOL), and Cisco Systems (CSCO).

Presenting the latest valuation and analyst recommendation
data from Multex's proprietary stock-screening tool applied to the
universe of The Internet Analyst stocks. See tables sorting the top 10
stocks according to the highest average recommendation.
http://www.theinternetanalyst.com/article.asp?docid=1580&nd=0124


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