Discoveries abound in today's edition of the Daily Update: Amazon.com
finds profits in its fourth-quarter profits, but Rick Wayman, CFA, finds
loopholes in GAAP that may explain them in discouraging ways.

In our Broker research section, you may be interested to learn what is
making certain biotech players yell, "Eureka," or you may want to
download a free report on that ubiquitous, "amazing," Amazon.

Also available exclusively to Multex Investor members like you, a report
from Morgan Stanley on "outperform"-rated Dell (DELL) which you can
access by registering for the firm's free research trial. Free, I tell you!
Just follow the link in the Free and Sponsored section of this newsletter,
or click on the link below and then click on the Morgan Stanley logo.

You can link directly to our research page, which features synopses
of broker and free reports, by clicking here:
http://www.multexinvestor.com/article.asp?docid=6240&nd=0124


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Below
--------

- Investment ideas
- Broker and third-party research
- Online advice and chats
- Free and sponsored reports


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

1. INVESTMENT IDEAS
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.multexinvestor.com/article.asp?docid=6233&nd=0124


2. INVESTMENT IDEAS
Consolidation and content
Wireless semiconductor stocks wrestle for share of a shrinking market

By Dave Sterman, equity research columnist

As we saw in the IPO market in recent years, fast-growing industries
attracted a number of new players. But now that those industries have
matured, growth has slowed and many smaller players are looking to
merge in order to compete against the top tier players. As we noted a
few weeks ago, wireless service providers in particular look set to
engage in a merger orgy.

It now appears that the same could be said for the wireless
semiconductor industry. As growth in wireless handset sales has slowed,
chip vendors are also looking to march down the aisle. In mid-December,
Alpha Industries (AHAA) and Conexant (CNXT) announced plans to
merge their wireless chip divisions.

And more deals may emerge in the months to come. "We wouldn't be
surprised to see additional activity as companies work to reach critical
mass at a much higher level than in the past," says CIBC's Dale Pfau.
Many players added factory capacity just as the industry slowed.
Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6239&nd=0124


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yet to come! Get a jump on 2002 with a FREE 30-day trial:

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Broker and third-party reports
-----------------------------------------


1. INVESTORS' CHOICE: 3-DAY FAVORITE
Bear Stearns publishes a 'top ten list' of Internet security predictions for
2002.

After a page of general sector commentary, the firm discusses its list; #3
prediction calls for more sophisticated virus attacks, #6 prediction is that
the biometric hype fizzles, #10 predicts security vendor stocks that will
outperform. (4-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=25966746&nd=0124


2. TODAY'S SPECIAL REPORT
Robert Baird & Co. discusses recent survey results from corporate IT
spending decision makers.

Baird compiles findings following a 26 question interview with 40
executives from various sectors. It separates findings into budget &
application priorities, IT services, content mgmt., storage, and identifies
companies poised to benefit. (7-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=26015141&nd=0124


3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Stephens, Inc. analyzes emerging applications in drug discovery
technology.

In the report, discussion of protein separation technology and products
from Waters (WAT), applications for versatile mass spectrometers and
products from Bruker Daltronics (BDAL), Affymetrix's (AFFX) GeneChip
technology, & more. (8-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=25977444&nd=0124


4. THIRD-PARTY REVIEW
Ford Investor Services provides comparative value graphs for major
multinational conglomerates.

Ford's graphs center on General Electric (GE), Tyco (TYC), United Tech.
(UTX), TRW (TRW), Honeywell (HON), and 3M (MMM). 23 separate
graphs compare earnings, sales, valuation, momentum, and more. (3-
page report for purchase - $4)
http://www.multexinvestor.com/download.asp?docid=669494&nd=0124


5. WHAT'S HOT?
Prudential's Ralph Acampora explains what technical indicators are
saying about the market.

Acampora discusses both macro factors (indicators) and micro factors
(individual stocks). He examines recent price action in the S&P 500,
sentiment-oriented factors, the bull/bear indicator, and more. Three
illustrative figures. (3-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=26017554&nd=0124


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The Internet Analyst: Wall Street's daily and weekly industry outlook

Multex's The Internet Analyst features daily 'Net-industry specific
research highlights, investment ideas, analyst opinions, portfolio
strategies: http://www.multexinvestor.com/Analysts/HomeTIA.asp

To be sure you receive your TIA newsletter every week, click here:
http://www.multexinvestor.com/login.asp
==============================================================


Online advice and chats
-----------------------------------------


1. ASK THE ANALYST
The Technical Trader's Harry Boxer explains how to profit from 'snap-
back' market moves.

Likening market patterns to the elastic action of a rubber band, Boxer
discusses how he identifies the potential for strong 'snap-back'
movement. How can you take advantage of this phenomenon? Pose him
your questions until Friday, Jan. 25. Ask the analyst.
http://www.multexinvestor.com/AskTheAnalystForm.asp?&nd=0124

Sign up for a FREE TRIAL to Harry Boxer's "Real-Time Technical
Trading Diary." Also receive Harry's "Top 20 TechnicalPicks for 2002"
report. Click here
https://www.thetechtrader.com/sec-bin/ttuser?ref=multex2


2. ASK THE EXPERT
Multex.com's Alan Cohn explains some of the ways
Americans will benefit from new tax laws.

Citing aspects of new tax rules relating to individuals
over 50, education, and estate taxes, Cohn shows
how a wide range of citizens will benefit. How do the
new laws affect you? He can take your questions until
Thurs., Jan. 24. Ask the expert.
http://www.multexinvestor.com/AskTheExpertForm.asp?&nd=0124



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


1. FREE RESEARCH REPORT
W.R. Hambrecht reviews a surprisingly strong quarter from the leading
online retailer.

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.multexinvestor.com/download.asp?docid=26054909&nd=0124


2. DAILY FREE SPONSOR REPORT
Morgan Stanley sets a $30 price target on "outperform" rated computer
maker Dell (DELL).

Members can download this report, which includes a valuation analysis
and an outline of key investment strengths and risks on DELL, by
registering for the firm's free-research trial.
http://www.multexinvestor.com/download.asp?docid=4312383&sid=8&nd=0124


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