FORTUNE writer Nelson Schwartz says that for Internet stocks, all talk of profits -- or even business models that even dream of profits -- are out the window. "It's still unclear how with rising costs and shrinking margins, Amazon plans to ever make money," Schwartz says. "They just want to own the stock -- it's an emotional game." Evidently "The Emperor's New Clothes" hasn't been flying off the shelves.
Amazon.com Still a Best-Seller
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NEW YORK: In case you were wondering, the e-stock hype is still
bulletproof. After Amazon.com announced Monday that a million new customers and near-quadrupled holiday sales still wouldn't change the bookseller's projection of staggering fourth-quarter losses, some traders sold in the morning, pushing the stock down to a post-split low of 106. It was all very logical -- how can a retailer make money if not by selling more? -- until the buyers swept in and bumped it up to 125.