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To: Lizzie Tudor who wrote (78730)	9/28/1999 12:16:00 AM
From: Eric Wells	Respond to of 164684

Michelle - what's your take on CMGI's earnings: biz.yahoo.com It's interesting in that they are reporting an operating loss (-120 mil for the year, -21 mil for the quarter). And it appears that their net income is coming primarily from: "pretax gain of $661.2 million on the conversion of the Company's GeoCities investment to Yahoo! common stock and a pre-tax gain of $81.1 million on issuance of stock by Engage Technologies in its initial public stock offering." I wonder if this is cash? Or stock that they are holding that they have recorded some of the value of as net income? I guess it doesn't matter. And I didn't see the $2.4 billion paid for Alta Vista - is that hidden in there somewhere - I guess it's just all stock anyway. -Eric