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To: Bill Harmond who wrote (98183)	3/31/2000 4:15:00 PM
From: ftian	Respond to of 164684

CMRC didn't make the index neither! Why?

To: Bill Harmond who wrote (98183)	3/31/2000 4:15:00 PM
From: Sam Citron	Read Replies (2) \| Respond to of 164684

William, What's your reasoning on buying NPSP? What do you think of PEB? I think PEB is the AMAT of biotech eqp't. Sam

To: Bill Harmond who wrote (98183)	3/31/2000 6:03:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

eBay (EBAY; $181 1/4; D-1-1-9) Dec00E $0.33; 01E $0.63 ? EBAY is down 11% following this morning?s Wall Street Journal article regarding the Justice?s Department?s query of its offline auction house Butterfield, as part of its investigation of possible price-fixing at Sotheby's Holdings and Christie's International. eBay has also received requests for information from the DOJ regarding anti-trust activities in its dealings with other auction sites. ? Butterfield represents well under 10% of eBay?s business, and we expect this percentage to decline overtime. In addition, Butterfield?s previous owners put over $20 million in escrow upon the closing of the acquisition to pay for any future damages caused to eBay due to any breech of representation. ? eBay also announced this morning that it entered into a licensing agreement with AuctionWorks.com. While this is unlikely to have any meaningful revenue or strategic impact on eBay, we believe it validates eBay's right to license its listings content, helping its position in any potential anti-trust inquiries from the DOJ or dispute with other auction services. ? We believe this morning?s sell off is overdone, and would use it as a buying opportunity in advance of what we believe will be a very strong quarter. We expect eBay to beat our earnings estimates of $0.03 per share on $79 million in revenue. ? At $184, EBAY trades at 51X our 2001 revenue estimate of $545 million, and valuation remains the company?s biggest risk. However, eBay is not only the world?s largest online person-to-person trading community ($4B annualized gross merchandise sales), but also the only profitable consumer e-commerce company. In the Internet sector, we believe it is important to own the long-term leaders, and eBay is clearly a leader. We maintain our Buy/Buy rating. (H. Blodget) Bulletin United States 31 March 2000 Investor Support Group Intra-Day Special Note EBAY Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department RC#11209123