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While still an excellent deal, Amazon's (AMZN) acquisition of Zappos will likely be dilutive,...

While still an excellent deal, Amazon's (AMZN) acquisition of Zappos will likely be dilutive, Bernstein's Jeff Lindsay says. He estimates Zappos' margins are a 'wafer thin' 2% or less due to its liberal return policy and free shipping, and says the company was "operating close to break-even on a stand-alone basis."
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