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To: Rob S. who wrote (15456)	8/31/1998 8:01:00 PM
From: Glenn D. Rudolph	Read Replies (2) \| Respond to of 164684

Internet stocks hit hardest by market drop Reuters Story - August 31, 1998 19:39 %BUS %ENT %DPR AMZN YHOO INKT SEEK DELL CSCO V%REUTER P%RTR By Duncan Martell PALO ALTO, Calif., Aug. 31 (Reuters) - As stock market investors ran for the exits on Monday, Internet stocks got trampled first, driving the Nasdaq index to its biggest point decline ever. "The market has knocked some of the Internet fairy dust off of these stocks," said Jim Balderston, analyst at Zona Research. "And they're probably still overvalued." After slipping $13.11 on Friday, online bookseller Amazon.com Inc. plunged $22.14 to $83.75, Yahoo! Inc., the largest online directory, tumbled $14.06 to $69, search engines Inktomi Corp. was down $11.06 to $49 and Infoseek Corp. fell $4.19 to $17. The Nasdaq plunged 140.43 points, or 8.56 percent, to 1,499.25, eclipsing its previous record for a one-day decline of 115.83 points set in October. In percentage terms it was the fourth-largest loss for the technology-heavy index. Fears of a global recession pummeled the Dow Jones industrial average, erasing its gains for the year to date, as developments in Russia offered little hope of an immediate fix to that nation's economic and political crisis and government reports suggested U.S. economic growth was slowing. But money managers said the main change in the outlook for Internet stocks was not fundamental factors such as earnings, but investor psychology. "The moves today have much more to do with psychology," said Richard Slinn, a money manager at San Francisco-based Levensohn Capital Management LLC. "All the negative things you could have said last week about Internet stocks when they were 25 percent higher, you could say again today." Indeed, for many of the Internet stocks the main question has been when will they post earnings that would justify their stock prices. The Nasdaq drop was not confined to cyberspace. Dell Computer Corp. and Cisco Systems Inc. -- companies with products sold in the corporeal world -- also posted heavy drops as investors reevaluated whether those share prices could stand up to a global slowdown. "People are thinking global recession now," said Duane Eatherly, a money manager at BancOne Investment Advisors of Columbus, Ohio. The stock of Dell, the biggest direct seller of personal computers, dropped $18.75 to $100, 29 percent below its high of $129.375 a share set just last Wednesday. Cisco, the top maker of equipment that links computers and networks, lost $12.81 to $81.875, well down from its high for the year of $105.25 reached last week. "This is just serious carnage," Eatherly said.

To: Rob S. who wrote (15456)	8/31/1998 8:06:00 PM
From: Eric D. Moody	Read Replies (3) \| Respond to of 164684

<The failure of the republicans and Clinton bashing is that the prestige and influence of the Office of the President> Rob, there is "NO prestige and influence of the oval office" when it is confirmed that the person holding that office has been _ucking a 21 year old college student. Therefore, your argument is mute in this instance. Keep to your TA Rob.

To: Rob S. who wrote (15456)	8/31/1998 8:46:00 PM
From: Mark Fowler	Read Replies (2) \| Respond to of 164684

The failure of the republicans and Clinton bashing is that the prestige and influence of the Office of the President has been stupidly ignored at the peril of the economy. Washington scrxwed his slaves, Eisenhower had a mistress, Rosevelt played around, Kennedy chased every hot celebrity in a skirt, on and on . . . these things were ignored until afterwards in order to let the person who was elected run the office. Since when was the pope or preacher elected to run the country? IMO, the republican leadership has run as much afoul of their responsibilities as leaders of the will and confidence of the public as has the folly of the president. Two wrongs don't make a right. Politics aside, (a good way to get into protracted arguments that satisfies no-one), the damage to the President has served as the primary catalyst to the market slide, IMO.Politics aside, (a good way to get into protracted arguments that satisfies no-one), the damage to the President has served as the primary catalyst to the market slide, IMO.<< Rob, eight times in this century the US has enjoyed two consecutive years of 25% plus advances. The following yr. stocks declined. We have just seen two great advances in 1995 and 1996, but instead of a decline in 1997 we got another great advance. On top of this advance we just saw another double digit advance in the first 7 months of of 1998. This is unheard of. The S&P selling at more than 25 times earnings in July( normal range 12 and 20). Rob, it's earnings that drives stocks up, not the Presidents sex life. Historically earnings grow 8% a year on ave., thus a large increase in the earnings would be unrealistic to support lofty stock prices. It's the coming slow down in the world economy that is bring down stock prices, not some slut the President had sex with. Although it didn't help this country morally one bit.