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To: Haim R. Branisteanu who wrote (42901)	3/14/2000 9:18:00 AM
From: pater tenebrarum	Read Replies (3) \| Respond to of 99985

Haim, the stock market needs to be manipulated up into expiration to reach max-pain. we also get the BLS lies this week, and those are always good for a rally. anyway, the mania keeps on hanging on a thread. ultimately there will be more selling imo. regards, hb

To: Haim R. Branisteanu who wrote (42901)	3/14/2000 10:18:00 AM
From: Les H	Read Replies (1) \| Respond to of 99985

ANALYSIS-Lastminute sets new peak in UK Net floats By Richard Meares LONDON, March 14 (Reuters) - Lastminute.com successfully accomplished Britain's most audacious Internet-related flotation on Tuesday, leaving commentators wondering just how many more soaring Web launches there can be before something gives. The share sale by the e-commerce company that offers 11th-hour flights, hotels and tickets attracted more general interest than any previous Internet flotation in the country. It made front-page headlines in national newspapers, largely due to growing worries that the higher the valuations of Internet and technology companies go, the sooner and deeper the pain may be if it all proves to be a bubble that bursts. There was little sign that the Net was losing its golden touch as Lastminute's shares, sold at 380 pence each, leapt to 555 pence before easing back by 1340 GMT to 492-1/2p. The early premium was on a par to those of Internet service provider Freeserve (quote from Yahoo! UK & Ireland: FRE.L) and content provider 365 (quote from Yahoo! UK & Ireland: TSF.L) -- despite the fact that Lastminute increased by two-thirds its original 210p mid-range pricing when it saw how popular it was. The company, fronted by Martha Lane Fox -- 27, photogenic and now worth 50 million pounds -- and her business partner Brent Hoberman, has been skilled at boosting its image. Lastminute's brand awareness is now second only to bookseller Amazon in Britain as an e-commerce retailer, and The Economist news weekly even talked of the ``Martha cult.' That is great news while the going is good, but leaves the pair -- the king and queen of British Internet entrepreneurdom -- exposed to a fall from the heights should a crash come. HAS THE WORLD GONE CRAZY? The Guardian newspaper ran a cover picture in its second section showing a man atop an inverse pyramid of bank notes, piling on just one more bundle that was set to bring the whole edifice crashing down. ``It's bonanza time. Lastminute.com is coming to the stock market and the world is going crazy,' it said. The media and officials urged caution, but amid a stampede for Internet stocks, their words seemed to fall on deaf ears. Lastminute attracted huge demand and at 535 pence a share was valued at 805 million pounds, despite being a loss-maker whose last quarter revenue was just 409,000 pounds. More Internet initial public offerings (IPOs) than ever are lined up for the rest of the year, but none yet looks set to match Lastminute in size, hype or frenzy. It joins Freeserve, auctioneer QXL.com (quote from Yahoo! UK & Ireland: QXL.L), 365 and financial websites Exchange Holdings (quote from Yahoo! UK & Ireland: EXC.L) and Interactive Investor International (quote from Yahoo! UK & Ireland: IIN.L) among top UK Net flotations. The early birds -- such as QXL and Exchange -- saw their shares drop below the launch price when they listed last summer, before the worldwide technology tornado scooped them up again. These days companies have seemed certain of a walloping initial premium -- even if like Lastminute or recruiter Stepstone (quote from Yahoo! UK & Ireland: SSOq.L) they hike the price to cash in on demand. Lastminute's flotation comes just days after the FTSE 100 of blue-chip stocks was realigned to allow in new tech entrants. ON THE ONE HAND, ON THE OTHER HAND They made it in because their market value has soared, not their profitability. The current revenues of most newcomers together wouldn't match those of one of the old-economy companies -- such as brewer Whitbread (quote from Yahoo! UK & Ireland: WTB.L) -- they replaced. Analysts are as divided on the future of Lastminute as they are on the future of high-tech stocks in general. Some analysts say technology and Internet stocks are highly overrated and due for a big correction. Others say they expect greater differentiation, with the duds being punished when they are exposed while the winners continue to flourish. On Lastminute, some say the business model is flimsy and will be shaken when banks, hotels and other suppliers of what the company sells decide to do it themselves over the Net. Others say the company has filled a niche to meet the last-minute needs of busy people and that its future is rosy if it seals good partnerships and keeps ahead of the game. ``They need to be first place consumers think of for anything they want to do on a just-in-time basis,' said Charlie Blackburn, vice president of ecommerce consultant Scient. ``If they continue to make the right moves, in four to five years they could be a fabulously wealthy company,' he said.