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Technology Stocks : Altaba Inc. (formerly Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn D. Rudolph who wrote (14601)	10/10/1998 10:58:00 AM
From: Teresa Lo	Respond to of 27307

We have been following YHOO on a regular basis on our web site by posting intraday and daily charts. To access the charts on our web site, you have two options. The first option is to view the Market Commentary section that is made up of comments made only by us. The second option is to view the Interactive Discussion area where you will find posts made by all participants. Both pages are scrolling pages of HTML chat, so you need to scroll back to the beginning of the day. Type 999 into the "Get Last ___ Messages" function (an area just above the box where you can type your own comments)and click REFRESH to retrieve all current comments. Due to popular demand, we are going to post daily charts of market internals, index and stock charts at around 6PM Pacific/9PM Eastern after each trading day except Friday. On the weekend, we will post the charts by 10AM PST/1PM EST on Sunday. To retrieve transcripts of any past day use the "Post Mortem" button at the top of the home page at intelligentspeculator.com

To: Glenn D. Rudolph who wrote (14601)	10/11/1998 9:41:00 PM
From: Glenn D. Rudolph	Respond to of 27307

Price: $114 3/8 Estimates (Dec) 1997A 1998E 1999E EPS: $0.04 $0.43 $0.62 P/E: 2859.4x 266.0x 184.5x EPS Change (YoY): 975.0% 44.2% Consensus EPS: $0.32 $0.48 (First Call: 02-Oct-1998) Q4 EPS (Dec): $0.03 $0.16 Cash Flow/Share: NA NA NA Price/Cash Flow: NM NM NM Dividend Rate: Nil Nil Nil Dividend Yield: Nil Nil Nil Opinion & Financial Data Investment Opinion: D-3-1-9 Mkt. Value / Shares Outstanding (mn): $12,466.9 / 109 Book Value/Share (Jun-1998): $3.83 Price/Book Ratio: 29.9x ROE 1998E Average: 10.4% LT Liability % of Capital: 0.0% Stock Data 52-Week Range: $134 5/8-$17 1/16 Symbol / Exchange: YHOO / OTC Options: AMEX Institutional Ownership-Spectrum: 26.3% Brokers Covering (First Call): 22 ML Industry Weightings & Ratings** Strategy; Weighting Rel. to Mkt.: Income: Underweight (07-Mar-1995) Growth: Overweight (07-Mar-1995) Income & Growth: Overweight (07-Mar-1995) Capital Appreciation: Overweight (28-May-1993) Market Analysis; Technical Rating: Average (27-Jul-1998) Intermediate term opinion last changed on 13-Apr-1998. The views expressed are those of the macro department and do not necessarily coincide with those of the Fundamental analyst. For full investment opinion definitions, see footnotes. Investment Highlights: During the quarter, the company experienced significant growth and/or improvement along both industry and operating metrics. * Yahoo! surpassed both consensus estimates for revenues (of approximately $45 million) and earnings per share (of $0.09) by 18.8% and 66.7%, respectively. * Of the metrics by which we gauge the operating performance of the company (traffic, revenues, earnings, operating margins and cash flow), we were most impressed by the company's operating margin of 31.7%, representing a sequential improvement of 900 basis points. Fundamental Highlights: * In light of company's strong 3Q98 results, we have raised both our 1998 and 1999 revenue and earnings per share estimates. * Despite these strong results, we continue to feel the need to balance Yahoo!'s strong operating results against the company's current market capitalization. * The stock's multiple to forward 1999 revenues (approx. 34.3x) substantially exceeds that of any other company within the Internet space. Comment United States Information Processing—Internet Software & Svc 8 October 1998 Jonathan Cohen First Vice President Tonia Pankopf Assistant Vice President Yahoo! Inc. Yahoo! Continues to Outperform NEUTRAL* Long Term BUY Reason for Report: Earnings Update Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department 248903/248900/248897/248100/248000 RC#20128125 Stock Performance 0 10 20 30 40 50 60 70 80 90 100 110 120 130 0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 1995 1996 1997 1998 Yahoo! Inc. Rel to S&P Composite Index (500) (Right Scale)