Merrill Lynch 180K PDF:
We have identified our six top Internet themes/events for 1H’08 that could create trading opportunities in the group. Intensifying 3rd party seller competition (negative) As the industry giant ($57bn in TTM GMV) eBay’s anticipated listing fee changes could impact the 3rd party market. We think Amazon ($5bn in TTM GMV) might incorporate some of this uncertainty (and consumer uncertainty), into its ’08 outlook, potentially creating a buying opportunity as we expect little actual impact.
