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To: Bilow who wrote (2793)	4/4/1998 11:29:00 AM
From: Glenn D. Rudolph	Respond to of 164684

4/3/98 Dow Jones Int'l News Serv. 13:00:00 Dow Jones International News Copyright (c) 1998, Dow Jones & Company, Inc. Friday, April 3, 1998 Web Stk Watchers See Near-Term Setback, But Long-Term Gains By Joelle Tessler NEW YORK (Dow Jones)--Steve Harmon, Mecklermedia Corp. (MECK) vice president, business development, and senior investment analyst, jokes that he has finally figured out what Yahoo! Inc. (YHOO) stands for - Yet Another High. And the 'oo' at the end of the name? Well, with the stock at recent levels, he thinks maybe 'uh-oh' would be more appropriate. Yahoo! and the rest of the Internet sector - which have been soaring all year on the widely held investor belief that these companies are the emerging new media leaders - shot up yet again this week after Lycos Inc. (LCOS) unveiled an $18.5 million commerce agreement with CDNow Inc. (CDNW). Many in the group were setting 52-week highs for the third day in a row Friday. This has led quite a few industry observers to agree that the Internet stocks are due for a pullback sometime soon. But even as they predict near-term profit-taking, many analysts and company executives remain convinced that the long-term prospects for the early leaders on the Web will justify their stock prices over the long run. 'The Internet is the new paradigm for content distribution and communication,' said Edward Philip, Lycos' chief financial officer. 'Many huge companies will emerge from this space.' Investors are bidding up the early leaders in the industry, Philip said, on the conviction that they will dominate the business as it matures - and that now may be the cheapest time to buy these stocks. Cheap relative to future prospects, perhaps. But not compared with where most of these shares were just a few months ago. Yahoo!, the No. 1 search engine company, has led the pack higher. The stock, which finished 1997 at 69 1/4, hit a new 52-week high of 105 3/4 earlier - its third in as many days. America Online Inc. (AOL), which many have come to identify as a proxy for the entire Web sector, has also soared so far in 1998. The stock, which ended 1997 at 45 1/4 (adjusted for a 2-for-1 stock split), earlier matched a 52-week high set Thursday of 75 9/16. The shares also set a high of 73 1/4 on Wednesday. Lycos Inc. (LCOS), which has skyrocketed this week on the CDNow deal announced Wednesday, rose again Friday. The stock hit a high of 62 3/4 earlier - setting its third 52-week high in as many days after closing at 44 1/2 Tuesday. Other Internet stocks that have jumped this week include electronic retailers Amazon.com Inc. (AMZN) and Preview Travel Inc. (PTVL). On-line bookseller Amazon.com closed at 85 17/32 Tuesday and traded as high as 96 3/4 Thursday - its second consecutive 52-week high. And on-line travel service Preview Travel has hit a new high every day this week. The stock closed at 29 1/4 last Friday and earlier traded as high as 38 1/8. (MORE) Dow Jones Newswires 03-04-98 1800GMT ---- INDEX REFERENCES ----