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To: Mr. Forthright who wrote (7629)	1/28/1999 10:29:00 AM
From: Ginco	Read Replies (1) of 37507

NEW YORK, Jan 28 (Reuters) - U.S. Federal Reserve chairman Alan Greenspan on Thursday said some Internet stocks reflect a ''pie in the sky'' view, but that others could succeed in the long-run, which would justify their higher prices. Greenspan made the comments in testimony to the Senate Budget Committee. The Fed chairman also addressed Social Security, the budget surplus and other issues. An American Stock Exchange index of Internet stocks (^IIX - news), which had dipped briefly after the chairman's comments, moved to session highs. The index was up 23 points or more than three percent to 771. The following are analysts' comments on Greenspan's comments: BARRY HYMAN, MARKET STRATEGIST EHRENKRANTZ, KING AND NUSSBAUM "He is looking at the reality of the situation. Even though valutions are looking a little stretched, industries that are new generally carry some excessive multiples." JOSEPH BARTHEL, CHIEF INVESTMENT STRATEGIST, FAHNESTOCK & CO ''I think the internet stocks will be marching to a different drum than what Greenspan had to say. The Yahoo/Geocities news and AOL news are more likely to be the driving force. It's very hard to know what companies he's implying the capital should flow into.'' (Note: this article is ''in progress''; there will likely be an update soon.) --------------------------------------------------------------------------------

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