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To: craig crawford who wrote (7716)	3/1/1998 3:29:00 PM
From: Zebra 365	Read Replies (2) \| Respond to of 27307

First, the contributors to this board are to be congratulated for staying on topic, even though they often disagree. Very professional level of discussion here. Hope it lasts. I'm building a short position here, slowly. I think this news below may have been seen as a short term positive for YHOO, I see it as a longer term negative. MSFT is well known for letting other companies find out what the market wants and then forcing their way in. I think they figured out the market wants service like YHOO, but they aren't likely to spend 3.1 billion (YHOO's market cap) to run off with the bananas. If you've got what MR BILL wants, it's just a matter of time... REDMOND, Wash., Feb 26 (Reuters) - Microsoft Corp. announced plans on Thursday to stop producing entertainment programs for its Microsoft Network online service and focus on more practical offerings. Microsoft has been shifting its resources toward information-based services and tools since last summer. "Our research shows that with the exception of games, pure entertainment is not what people find most valuable on the Web," Laura Jennings, vice president of MSN, said in a statement issued Thursday. "What they're looking for are tools and services that enable them to get everyday things done faster and more easily on line." Microsoft Network will stop producing Onstage shows by March 31, and use reruns until later this year. Cinemania Online, an interactive movie guide, and Music Central, an interactive music guide, will be scaled back over the next few months and be dropped by year end. Onstage shows include Mauny's Kitchen, a cooking show; CMJ Music Now, commentary on new music; Getworking, job search information; Watercooler, a career issues site; and One Click Away, a link to hot Web sites. The changes do not affect content for cable television network MSNBC, Microsoft's Slate online magazine, or Microsoft Network online services. The site, still in development, will include a Websearch engine and e-mail.>>> NEW YORK (AP) - Further scaling back its struggling flagship online service, Microsoft Corp. plans to stop producing its own entertainment programming for the Microsoft Network and cut 40 jobs. The move announced Thursday comes as Microsoft focuses on the broader Internet, trying to draw more World Wide Web surfers to its popular Web sites and services such as its Expedia travel reservations and CarPoint auto classifieds. The popularity of Microsoft's Web offerings is told in the numbers. All its Web sites drew visits from one-third of the 55 million people who used the World Wide Web in January, according to Media Metrix Inc., a New York-based Web measurement company. And MSN.Com, a Microsoft Web site that MSN subscribers are encouraged to click on, drew 11.4 percent of all Web surfers, Media Metrix said. Microsoft is planning an update of that popular site, code-named Start, toward the end of this year. >>> Objects in the rear-view mirror may appear farther away than they actually are. Zebra

To: craig crawford who wrote (7716)	3/2/1998 1:00:00 AM
From: LoLoLoLita	Read Replies (2) \| Respond to of 27307

>>The market is so expensive that it's almost not even a factor! >>Soon it will be less than 1%. craig, You forget that shorting is usually not for the "sell and wait" types going in for the long haul. Anyone short SPY on the next quarterly record date (March 19 or so) owes the full dividend, even if they were just short for the day. So if you're short for two days at the record date, at the last price of 105 and yield of 1.3%, your dividend payout rate is (365 / 2) * (1.3% / 4), or 59%/annum. Ouch!! Timing, in this case at least, is important. David P.S. when, and if, the dividend yield on SPY ever drops to 1%, I may just SELL and WAIT with the dang thing, dividend or not.