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To: Jenna who wrote (38348)	5/5/1999 9:39:00 PM
From: Adelle	Respond to of 120523

CDNW- Wednesday May 5, 8:21 pm Eastern Time CDnow more than doubles both losses and revenue NEW YORK, May 5 (Reuters) - Internet music retailer CDnow Inc. (CDNW - news) said Wednesday it more than doubled both losses and revenues in the first quarter compared with a year earlier as it continued to ramp up spending to reach customers. New York-based CDnow, one of the largest music sellers on the Web, lost $19.1 million, or 96 cents a share, compared with a loss of $9.3 million, or 78 cents a share in the year-ago quarter. Revenues were $22.8 million, compared with $10 million a year earlier. The results included two week of operations of N2K, the rival music seller it acquired in a $522 million stock deal. About 420,000 new customers bought from CDnow during the quarter of the 2 million individuals who have ever patronized the combined CDnow and N2K. CDnow also said Wednesday that it plans to roll out a new online store, combining the brands of N2K's Music Boulevard and CDnow and offering sound samples, reviews, exclusive interviews and content from third parties like Rolling Stone and MTV. By fall, CDnow expects to offer secured, download-able digital music and is cooperating with the Recording Industry Association of America, which is working to establish standards for selling music securely on the Web. CDnow has substantially completed its integration of N2K, and expects the merger to yield more than $20 million in cost savings this year. The company also continues to spend, with sales and marketing costs rising 105 percent to $18.1 million in the quarter. For both N2K and CDnow during the entire quarter, combined losses were $38.2 million compared with $39.9 million in losses in the prior-year quarter. Revenues for both companies combined rose 122 percent to $36.3 million. The shares closed at $18.375, down 16 cents, in trade Wednesday on the Nasdaq stock market. More Quotes and News: CDnow Inc (Nasdaq:CDNW - news) Related News Categories: retail, US Market News Help Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

To: Jenna who wrote (38348)	5/5/1999 11:26:00 PM
From: Teri Garner	Respond to of 120523

RESEARCH ALERT - AboveNet buy repeated Wednesday May 5, 2:27 pm Eastern Time RESEARCH ALERT - AboveNet buy repeated CHICAGO, May 5 (Reuters) - PaineWebber said Wednesday it repeated a buy recommendation for AboveNet Communications Inc. and raised its price target to $120 based on recent developments that have improved the Internet technology company's competitive position. In the past 1-1/2 months, AboveNet finalized joint venture agreements in London, Frankfurt and Vienna to build Internet service exchanges, has continued to expand its customer base, and reported fiscal 1999 third quarter earnings that were ahead of expectations, PaineWebber said in a research note. In the note, PaineWebber analyst John Hodulik also increased his revenue estimate for fiscal year 2000 to $47 million from $33.4 million and increased his revenue estimate for year 2001 to $135.1 million from $81.8 million. Shares of AboveNet were trading off 5 to 74-1/4 on turnover of more than 2.8 million shares.