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To: Webfoot who wrote (31624)	12/31/1998 7:00:00 AM
From: Glenn D. Rudolph	Respond to of 164684

December 30, 1998 16:46 Nasdaq closes down on Internet stock weakness NEW YORK, Dec 30 (Reuters) - Nasdaq stocks fell Wednesday as investors took profits from the high-flying Internet sector, which was primarily driven by retail investors, analysts said. The Nasdaq composite index closed with a loss of 14.83 points, or 0.68 percent, at 2166.94, on volume of roughly 927 million shares. Advances led declines 2185 to 2092, with 140 stocks hitting new 52-week highs and 104 new lows. "There are so many people (institutional traders) not active that to read into today's trading would be an exercise in futility. This is Internet insanity," said Bill Meehan, chief market strategist at Cantor Fitzgerald. " Internet stocks suffered from a round of profit-taking. Yahoo! Inc., the Internet media and search engine company, fell 25-3/8 at 244-5/8. Online auction companies, uBid Inc. lost 24-1/2 at 119 and eBay Inc. fell 21-1/16 at 252-7/8. Online book, music, and video retailer Amazon.com lost 11-1/16 at 321-1/4. "In the past, institutional investors dominated the market's direction with large orders, but in 1998, the on-line investor came of age as a powerful force," said Buzz Geduld, president of Herzog Heine Geduld, in a statement to clients.