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Prediction Amazon shares will top $400 reviving memories of 1998 forecast; Bezos' favourite books

Amazon reported strong third-quarter results on Thursday. Gross profit margin jumped 2.4 percentage points to 27.7% in the period, compared to a year earlier while revenue was $17.09bn, the company said on Thursday, up 24%. The e-commerce giant reported a $41m loss as Jeff Bezos, the founder, again put investment spending ahead of profits. Mark Mahaney of RBC Capital Market, lifted his price target on Amazon shares to $425 from $330 based on re-acceleration in revenue growth and gross profit margin expansion - - reviving memories of a famous prediction in 1998 that Henry Blodget, then a technology analyst, who predicted that Amazon shares would top a pre-stock-split price of $400 in October 1998. The shares more than doubled to meet the prediction one month later. In the interval, Amazon has expanded far beyond being 'Earth's biggest bookstore,' Jeff Bezos is the owner of The Washington Post and an investor in www.businessinsider.com, that was co-founded by Henry Blodget. In this post, we focus mainly on books -- ones selected by the founder for Amazon executives and his own personal choices.
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