Amazon Best-seller

Amazon.com has a new best-seller: its stock. Investors continued to drive up the price of its shares on Tuesday after the retailer reported better-than-expected first quarter results. But the 70% plus run-up in Amazon’s share price since August arguably has made it the most overvalued mega-brand on the internet. Amazon shares trade at 57 times estimated earnings for 2007, while Ebay trades at just 27 times and Google at 35. For Amazon to justify such a massive multiple, its profits must be expe...