Tom Courtney Stock Quotations

She's not the first very strong executive to leave a dot.com that's had its stock go down.

Has Wall Street paid too much for Amazon? Investors bid the stock up too much in anticipation of it growing faster than it's going to grow. But if Amazon keeps executing and making progress in keeping costs down, it can still work.

The quarter was no surprise, but the future guidance was very favorable. The forecast of single-digit losses is a sea change for Amazon. We believe this is a key inflection point for the stock and that it will take off from here.

We think they will, but the question for the stock is: in the year 2005, do they do $8 billion in sales or do they do $20 billion in sales? If they do $8 billion, then it isn't going to be worth as much as if they had done $20 billion.

Why are we downgrading the stock now? Mainly because of our belief that sales may not be advancing at the rate that we had previously anticipated and also because of the impending departure of Galli.