🚀 go-pugleaf

Proving that 2,300 morons (assuming a few dozen aren't) can actually
achieve the three-way correlation between competence, service levels, and
stock price, ATHM's market "value" closed at a new low today of
$4.00/share, after dipping to $3.91 in likely preparation for tomorrow's
'values'.

At Home Corporation, 'valued' at $5,077,762,500 less than three months
ago, is apparently joining the illustrious club of "small cap" stocks with
a market capitalization of $1,616,800,000.  This is a loss in 'value' of
$43,809,652 every day since October 2nd.

This is hard work.  It means that every one of ATHM's 2,319 employees had
to destroy $18,892 of company 'value' every single day, without any days
off.  It's no wonder they can't find time to answer phones or get mail
services working reliably ... they're busy building huge bonfires of
dollar bills in the parking lot. (One has to wonder whether PG&E is their
ideal.)

Like any good albatross around the neck of its owner, ATHM has managed to
drag AT&T's stock price to its lowest price in 11 years at just slightly
above $17/share. As a 23.4% owner of ATHM stock, AT&T has lost
$809,327,500 since the beginning of the quarter, on just the market value
of their ATHM stock.  This more than wipes out the AT&T Broadband EBITDA
of $739 million for the 6-month period ending June 30, 2000.

In comparison, shares of both Cox and Comcast are holding their market
value in a down market. Since they together own 60,233,524 shares of ATHM
stock that, by agreement, they can sell to AT&T for $48/share for a
combined gain (over current market values) of $2,650,275,056 (yes, that's
$2.65 BILLION) it's no wonder their shareholders are celebrating the
Christmas season.  (For AT&T, it must feel like Easter, or soon will.)

* EBITDA - earnings, including other income, before interest, taxes, 
           depreciation and amortization, and minority interest
-- 
 "There are two things which cannot be attacked in front: ignorance and
narrow-mindedness. They can only be shaken by the simple development of
the contrary qualities. They will not bear discussion."  - (Lord Acton)
Zvxr Oynpxsbeq       Fvyvpba Inyyrl, Pnyvsbeavn      zvxr@oynpxsbeq.pbz