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To: TFF who wrote (1333)	7/3/1999 9:29:00 AM
From: Banjo	Respond to of 2802

YHOO about to make big run, all newer mkt watchers thinks they are so sharp to either dump their YHOO or avoid buying it until after earnings because the post earnings sell-off has been so predictable - and that is exactly why it won't happen this time around, mkt too anticipatory for the recurring pattern that is has seen many times before. Earnings will come in strong, people will wait for big sell-off, it won't materialize, and they'll be scrambling like mad to get long or cover shorts.

To: TFF who wrote (1333)	7/3/1999 11:03:00 AM
From: agent99	Respond to of 2802

Is BellSouth About to Buy Paging Network? A Wake-Up Call for Nassau County Pols By Jacqueline Doherty July 5, 1999 Barron's Recent action in the bond market suggests that a takeover may be afoot, perhaps one in volving BellSouth and a smaller company called Paging Network. Reading merger prospects into bond-market movements is a little like reading tea leaves, but it has been known to work. The first indication comes from a triple-A-rated bond issued by BellSouth, which is now trading at an unusually high yield relative to Treasury bonds. That reflects expectations that the Baby Bell will soon launch a takeover, according to J. Curtis Shambaugh, corporate strategist at Credit Suisse/First Boston. The BellSouth bonds in question, the 6 3/8 % issue due 2028, have been trading at yields that are 1.2 percentage points above the yields on Treasury bonds. That means the BellSouth bonds are considered just as risky as AT&T's 6 1/2 % bonds due 2029, which trade around 1.18 percentage points above Treasuries. The relationship is odd because AT&T's bonds have a much lower rating, at single-A1 by Moody's and double-A-minus by Standard & Poor's, than BellSouth's debt. So AT&T's bonds should yield 0.10 percentage points more than BellSouth paper. "There's an expectation that BellSouth's credit will be hurt if and when they make an acquisition," explains Shambaugh. However, he believes the market may have overreacted. "It would take an extraordinarily large transaction to lower the rating of a big player like BellSouth." His recommendation: Buy BellSouth bonds, but carefully. Another interesting indication is coming from the junk-bond market. Over the past week or so, Paging Network's 10% bonds due in 2008 rallied by about 10 points, or $100 per $1,000 bond, while other junk bonds improved by only about one point. Paging Network's bonds soared on the hope that a large telephone company will come along and buy the paging company. The names attached to the rumor: none other than BellSouth and AT&T. The bonds of other paging companies, like Arch Communications, have also advanced due to acquisition hopes. Paging Network's debt also received a boost from recent conferences held separately by Goldman Sachs and Donaldson Lufkin & Jenrette, where the paging industry's prospects were favorably reviewed. Much of the speculation about the paging industry began after MCI WorldCom bid for the wireless communications service company SkyTel Communications. "Paging is cool again," says one junk-bond trader. "If MCI bought a paging company, then AT&T will need to buy one too." Or so the theory goes. And if an acquirer of a paging company has the high investment-grade credit of either telephone company we've mentioned, the paging company's bonds would skyrocket. Paging Network's 10% bonds due in 2008 now trade at about 78, leaving them plenty of room for price appreciation in the case of an acquisition. A word of warning: Betting on "potential" acquisitions is risky. Les Levi, a telecommunications analyst at Chase Manhattan, thinks a deal is doubtful. "I just don't see how paging makes sense for these carriers because they have wireless platforms already," he explains. "If this wave of speculation subsides, the bonds could fall again."

To: TFF who wrote (1333)	7/3/1999 11:08:00 AM
From: agent99	Respond to of 2802

Barron's, "The Trader" Column on EELN July 5, 1999 Are they Internet companies, or simply companies that do business on the Web? That's a big issue on Wall Street these days when 'Net companies go public. Bulls naturally want to classify the stocks as 'Net companies so they will seem deserving of generous Internet-style valuations based on revenues or franchise value, rather than earnings. But skeptics wonder if many of the latest outfits to debut are all that special. Take E-Loan, an online mortgage banker that went public Monday at $14 a share and rose to 46 13/16 by week's end, giving it a market value of $2 billion. By contrast, Countrywide Credit, the country's largest mortgage originator, has a market capitalization of only $5 billion. Being a 'Net player, E-Loan naturally is losing money and generating minimal revenues: $5 million in the March quarter. The company, which has relationships with E*Trade, DLJdirect and other firms, aims to give borrowers a good deal by providing access to a wide array of lenders and mortgage products. The idea is that by cutting out commissioned salesmen, E-Loan can operate at lower cost than traditional lenders. That's a debatable point given the highly competitive nature of the mortgage business and the presence online of rivals like Quicken and traditional lenders like Countrywide and Wells Fargo. The enthusiasm for E-Loan contrasts with the indifference toward Countrywide, whose shares have been pressured by higher rates and reduced refinancing activity. E-Loan, in fact, warned that its revenues for the June quarter would fall from those in the March period because of slower refinancing activity. "I wonder how much aggregators like E-Loan bring to the table," says Kevin Risen, co-portfolio manager of the Neuberger & Berman Guardian Fund. "Countrywide has an incredible franchise and does a lot of retail business over the Internet." Countrywide, whose shares rose 2 last week to 43 1/8, trades for just 11 times projected 1999 profits. Risen notes that Countrywide originates $80 billion of mortgages annually and services $226 billion in loans. He believes it could top its 52-week high of 56 in the next year. Risen also is partial to the little-known Indymac Mortgage Holdings, which he believes has some of the best Internet mortgage technology. Indymac's strength is its ability to do risk-based pricing of mortgages over the 'Net and give borrowers quick approval. "Indymac has incredible volume potential," he notes. The company, which is in the process of transforming itself into a taxable company from a mortgage real estate investment trust, trades for 15, about 10 times projected 2000 profits. Risen says the shares could rise sharply in the next year.

To: TFF who wrote (1333)	7/5/1999 2:30:00 PM
From: American Spirit	Read Replies (1) \| Respond to of 2802

WFC - Wells Fargo is the biggest net bank of them all, though of course they are also a bricks and mortar biggie. Should be included in your list. A way to play net banking but much safer.

To: TFF who wrote (1333)	7/6/1999 5:07:00 PM
From: TFF	Read Replies (1) \| Respond to of 2802

TFF'S MARKET MOOD & WATCH LISTS ( Updated + EDGR FASH ZANY) ____________________________________________________________ MARKET MOOD: YHOO reports 2morrow. Market somewhat extended and may consolidate in this area before moving higher. Look for early strength followed by late day weakness. ____________________________________________________________ TFF'S "Internet" Watchlist ____________________________________________________________ EInvestment Pools: CMGI WCAP SFE BGF RRRR Portal/ISP's: AOL ATHM Portals: YHOO SEEK LCOS INKT CNET GNET INSP STRM GOTO PASA ISP's: MSPG ELNK RMII RCNC GEEK PSIX PCNTF PRGY ONEM CNCX FLAS RTHM FCLX SPDE LOAX ATHY ESPI JWEB High Speed Access WGAT CMTN COVD TUTS RBAK BRKT NPNT NASC HSAC RAMP GSPN SIRC BRCD FFIV EBiz Hosting & Consulting Services USWB ABOV GBIX EXDS VRIO IIXL SCNT VIAN EAdvertising & Marketing: NETG DCLK NSOL TFSM WEBT MMPT VIGN NETP FCST MMXI ADFC NETO APLN ECommunities: TGLO IVIL EWBX BOUT ZDZ AMEN MPTH ALOY SALN INTM EBrokers SCH TWE EGRP AMTD DIR NDB NITE SWS JBOH SIEB TRAC IFSX EInvestment Banks FBG WITC EBanks Mortgages & Loans & Credit Cards NTBK EQTX SCAI EDFY BTOB FNCM NXCD ORCC DITC EELN NFNT EFinancial Info: TSCM MKTW MLTX DBCC PQT TSCN EDGR EAudio & Video: RNWK NAVR AHWY SEVL ITVU MCRE VDAT TUNE VCST LATD ETelephony LHSP VOCL NSPK IDTC ESecurity ENTU VRSN SDTI NETA CHKP ECommerce Solutions CYCH MAIL OMKT MACR DRIV NTFY SONE CPTH MRBA SILK PRSF EPAY PCOR CKFR SILK IMAL PHCM ARBA CYBS EBiz to Biz Commerce: VERT RAZF MCF CMRC EAuctioners: EBAY ONSL UBID MALL BIDS PCLN ETailers: AMZN BNBN SKYM KTEL CDNW PPOD COOL EGGS TMCS MZON SPLN BYND FATB TURF VUSA LAUN ETYS SLNE BVSN EMUS BAMM FASH ZANY EServices STMP SRCH EAutos AWEB ABTL NVDC ETravel: PTVL CTIX MQST EJob Search & Recuiting CBDR TJOB EHealth Services MCNS HLTH ONHN PTEK MATR KOOP CARI CYBA E*Comunication Services EFAX MAIL