Mark Rowen Quotations

We believe we're moving ever closer to the light at the end of the valuation tunnel on eBay. We find it interesting and amusing to note that as investors' risk/reward ratio had dramatically improved, the market has become increasingly jittery about the future prospects for eBay.

Therefore, if Yahoo! shares are to provide investors with significant upside potential, then we believe it will have to become one of the most highly valued companies in the world.

Yahoo! in our opinion is the hands-down leader in the Internet portal space. It is well run, extremely profitable and its awesome business model stands head and shoulders above most Internet companies.

New television technologies appear ready to take center stage this holiday season, as price declines of 20 percent to 30 percent per annum over the past few years have made flat-panel big-screen prices affordable to upper-middle-class and even middle-class households,

Basically, (GM) is dependent on the new truck launch and whether it's accepted,

Some of the cheapest prices we found were at Wal-Mart, but product selection and presentation of the televisions at the discount retailer left much to be desired when compared to our experience at Best Buy and Circuit City.

We anticipate $601 million in total revenue and $385 million in U.S. book, music, video revenue from Amazon in the third quarter, ... Our $385 million books, music, video projection is flat with second-quarter results; however, if Amazon's sequential revenue growth in the sector actually comes in at 12 percent or higher, we believe the company could record as much as $650 million in total revenue.

With 2001 revenue growth rates now expected to be in a range of 9 to 18 percent and earnings per share growth expected to be negative 12 to 33 percent, we believe Yahoo!'s price-earnings multiple will contract until the company is able to demonstrate significantly higher growth rates.

We were surprised that (comparable store sales) were not stronger, given the boost from the release of the sixth Harry Potter.

We think that this merger is going to create a very powerful company. It's the largest online travel agency in the largest online retail sector. We think at these price levels, it is severely undervalued.

pretty good for a traditional retailer, but for an Internet company, we would expect much faster growth.

After the bubble, the whole sector really started to crash and burn. But just like there was excess on the upside, there was excess on the downside, and what we're seeing now is that there are some real companies addressing very large markets that are now, for the first time, reaching scale and beginning to get to profitability.

Although the deal is a psychological boost for Amazon, it does nothing to address the key strategic issues the company faces: namely, a lack of growth in its profitable boom, music and video segment, and a lack of profitability in its fast-growing consumer electronics business.

They had an awesome first quarter. They reported $313 million in revenue; we were looking for more like 248, 250. So it was a very, very impressive quarter.

They had an awesome first quarter, ... They reported $313 million in revenue; we were looking for more like 248, 250. So it was a very, very impressive quarter.

They clearly, the two of them, have the best sites out there; consumers love going there and booking their own business,

They've shown that they can grow revenue and lose a lot of money and they've shown that they can improve economics, but that slows revenue growth. They're going to have to find a balance to do both.

They'll probably be below 30 percent for the month, ... Clearly, it's been more difficult than they expected, especially considering all the incentives GM has been offering to get market share.

In our sum-of-the-parts valuation, we estimate that intrinsically, the stock could be worth as much as $27 a share, if all of the value were unlocked, ... While its is unclear whether management will choose to or be able to unlock some or all of this 'hidden' value, the company stated that it is conducting a strategic evaluation on all of its assets.

In our opinion, such massive increases in active customers, coupled with massive increases in lifetime value, will be enormous challenges for a company with such high rates of customer defection.

In our view, the remaining $2.7 billion of firm value is an implicit valuation for the rest of the product categories. We find it hard to understand why segments such as consumer electronics and toys should be valued at such a high level.

In theory, in order for free shipping offers to be successful, the company would have to generate enough incremental revenue and contribution profit to pay for the cost of the shipping promotion. However, we believe Amazon.com has consistently failed to generate anywhere near the amount of incremental revenue and profit needed to pay for the lost shipping fees.

Clearly we are getting closer to the day when we'll be able to value eBay on traditional price/earnings metrics and although we would not argue that eBay is cheap based on our full-year 2001 EPS estimates of 40 cents a share, we do believe that eBay appears exceedingly inexpensive based on our full-year 2002 EPS estimate of 78 cents a share.

Their model has a lot of hurdles that they need to leap to get it to work.

The higher out-of-stock position suggests that either Toys 'R' Us is not allocating additional product to its online store, or that sales at both the online and physical stores are significantly higher than plan and Toys 'R' Us does not have available inventory, ... We believe it calls into question one of the key benefits of the Amazon/Toys 'R' Us alliance, and suggests a possible lack of alignment between the partners.