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To: John Carragher who wrote (27471)	7/30/1999 5:30:00 PM
From: puborectalis	Read Replies (1) \| Respond to of 41369

BAD MONTH OVER AT LAST!Nets closed out a month of stinging losses Key cyber index posts its worst month in a year By Bambi Francisco, CBS MarketWatch Last Update: 5:15 PM ET Jul 30, 1999 Internet Daily Net Headlines SAN FRANCISCO (CBS.MW) -- A rising interest rate environment sent Internet stocks lower Friday, putting an end to a grueling month in which the cyber group endured its worst performance since August of last year. Today on CBS MarketWatch July goes out with a whimper Wall Street eats up Digex IPO Lam, Xilinx pace chip rally Personal spending slows, income rises Irwin Kellner: Nothing personal, it's just gravity More top stories... CBS MarketWatch Columns Updated: 7/30/99 3:48:44 PM ET The Goldman Sachs Internet Index lost 1.9 percent, bringing the 15-stock index down 16 percent for the month of July, the sharpest pullback since the index lost 29 percent in August of 1998. Among the stocks that took hits this month include: Yahoo (YHOO: news, msgs), down 21 percent, CMGI (CMGI: news, msgs), down 19 percent. Inktomi (INKT: news, msgs), down 18 percent. And America Online (AOL: news, msgs) with a "return" of negative 13 percent. The e-tailers suffered sharper losses as E-Bay (EBAY: news, msgs) collapsed 35 percent and Amazon.com (AMZN: news, msgs) saw 25 percent of its market cap wiped out. E-commerce company Priceline.com (PCLN: news, msgs) saw its value erode by 35 percent in the month as well. The Amex Internet Index lost 1.3 percent on Friday. Numb to news "With reporting season effectively ending this week," said Keith Benjamin, an Internet analyst at BancBoston Robertson Stephens, "investors seem to be numb to news, possibly in anticipation of a slow August." Henry Blodget, an Internet analyst at Merrill Lynch, told clients earlier this week that the market could endure a choppy August until investors returned from vacation and positive traffic reports started to trickle in during September. Got to have 'rocket fuel' The lack of catalysts and an ominous interest rate outlook have investors looking to the Net blue chips for leadership. But they're not delivering, noted Blodget. "Leaders are decelerating," he said in a call to investors, explaining that Amazon's sequential growth rate and Yahoo's year-over-year growth rate weren't providing much "rocket fuel" to those stocks or the sector. "These aren't the stocks we can turn to," the known Net bull said. But Blodget isn't trading in his bullish horns for bear claws. Blodget, well known to be a big cyber fan, said the "confluence of all drivers," which include traffic, e-commerce and advertising, will come together in the fall and bring back the lost momentum.

To: John Carragher who wrote (27471)	7/30/1999 5:35:00 PM
From: Chung Lee	Read Replies (1) \| Respond to of 41369

This Letter Was Sent to Steve Case, AOL President and CEO Dear Steve, We are sure you are aware of the issue regarding interoperability between the instant messaging services of AOL and other vendors and of AOL's efforts to block instant messaging clients from other companies. These actions have led to an unproductive game of cat and mouse as we respond to your blockages to turn interoperability back on for users and you block us again.......... Sincerely, Joe Kraus, Senior Vice President, Content Excite@Home Inc. Brad Chase, Vice President, Consumer & Commerce Group Microsoft Corp. Jim Dutton, CEO Activerse Inc. Joseph Esposito, President & CEO Tribal Voice, Inc. Bill Kirkner, Chief Technology Officer Prodigy Communications Corporation Jeff Mallett, President & Chief Operating Officer Yahoo! Inc. David Nagel, Chief Technology Officer AT&T Patrick Naughton, Executive Vice President of Products Infoseek Cc: Vijay Saraswat, Internet Engineering Task Force microsoft.com