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TWST: Please give us an overview of what you are covering in this
Internet space.
Mr. Lennan: Our Internet coverage is evolving. We launched coverage in
January. Our first area of focus on the Internet has been e-commerce '
smaller cap companies typically below $1 billion in market cap. Our
second area of focus that we are getting a little deeper into now is
Internet advertising, whether they are companies like Travelzoo (TZOO)
that own their inventory, or whether they are companies like 24/7 Real
Media (TFSM) that sell advertising on behalf of Websites. So in the
early days we had a predominantly e-commerce focused Internet coverage
area, and that will change over the next 12 months or so. TWST: Let's start with the e-commerce side ' why the initial
concentration there? What was the appeal?
Mr. Lennan: Before I joined Wedbush Morgan, I covered Overstock.com
(OSTK) for another sellside firm and so I am familiar with e-commerce.
More importantly, though, analysts and investors look for ways to find
nuggets that other people aren't talking about too much. We have found a
number of e-commerce companies that didn't have a great deal of analyst
coverage and were in the capitalization range that is right for our
clients and for our firm. So, in building an Internet coverage area, I
am looking for business models that are familiar to me, with market
capitalizations small enough so that we can be early to these names and
large enough that our clients can actually trade them
Tickers included in this excerpt: AMZN, DIET, EBAY, EXPE, GOOG, MED, NILE, NTRI, OSTK, PCLN, PETS, STMP, TFSM, TSCM, TZOO
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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