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To: Compadre who wrote (55075)	10/8/1998 11:14:00 PM
From: B.REVERE	Respond to of 58727

Jaime, the earnings reports are not as important as you think. YHOO crushed estimates but their call was cautious. Stock was crushed. Perception of earnings prospects going forward are of more interest at this point in time. With economic slowdown coming worldwide, defensive issues will rule (utilities,phones,drugs). All other groups will underperform until consumption catches up with worldwide capacity to overproduce. Companies cutting jobs at a fast clip to get down to consumption levels. Won't happen overnight. Recession looms and we're due. Later, BR