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To: Bill Harmond who wrote (63422)	6/19/1999 8:31:00 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

You like funny? You should have gone down to Homegrocery.com with me, and you would have been rolling on the floor laughing with me too. Here's something else funny. It's called beg and then spin. >>PASADENA, Calif. (AP) - Shares of search engine company GoTo.com soared 50 percent in its first day of trading Friday amid growing caution about Internet stocks. GoTo.com sold 6 million shares at $15 per share, raising $90 million for the company that emerged last year from idealabs!, the Pasadena, Calif., incubator founded by Bill Gross. After beginning trading shortly before noon EDT, shares of GoTo.com closed up $7.37 1/2 to $22.37 1/2 on the Nasdaq stock market. The offering came after a two-month slide in Internet stocks. ''We're really gratified investors are interested in holding our stock,'' GoTo.com chief executive officer Jeffrey Brewer said from New York. ''I didn't really know what to expect.'' Like many Internet companies, GoTo.com has yet to turn a profit. The company said in Securities and Exchange Commission filings that it lost $21 million since its 1997 founding and it will continue to lose money in the future. But revenues have grown, jumping in the first quarter of 1999 to $1.4 million from $38,000 a year earlier, and GoTo.com's base of users and paying clients have risen sharply. Harley Manning, a research director for Forrester Research, said called GoTo.com's public offering ''an all right IPO'' but didn't raise as much cash as its predecessors because of growing caution about volatile Internet stocks. ''People are asking themselves questions about the company and not just jumping into the Internet,'' Manning said. ''The Internet doesn't need another search engine.'' IPOs have provided big initial returns for other companies that have yet to make money. Santa Monica, Calif.-based eToys Inc. raised $166 million last month with an offering in which the share price jumped from $20 to $85 as investors snapped up the company's stock. But since then, eToys has fallen more than 50 percent from its high, closing at $39.18 3/4 on Friday. Other high-profile Internet stocks, including Amazon.com Inc. and Priceline.com Inc. have taken a beating in recent weeks. National Discount Brokers Group, an online stock brokerage, on Tuesday canceled its plans to sell 2.6 million new shares because of market conditions. AP-NY-06-18-99 1813EDT <<