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To: Sarmad Y. Hermiz who wrote (58354)	5/25/1999 11:53:00 AM
From: Glenn D. Rudolph	Respond to of 164684

Investment Highlights: * The internet stocks have been very weak lately. We believe that most of the weakness is the result of typical seasonal trading patterns (the pullbacks in September, January, and several quarters last year were of similar magnitude), but there are obviously also other factors to consider. In this note, we will review these factors and offer a prognosis for the rest of the year. * We still expect to see at least a modest rally in the sector in June. We do not expect the leading stocks to hit new highs, but we believe they will trade higher than current levels. * We continue to believe that the highest-quality internet stocks will make good long-term investments. As the last few months have made clear, however, we think the sector's near-term volatility is high. To minimize its impact, we continue to recommend that investors buy and hold a small basket of the leading stocks over the long-term. Bulletin United States Internet Software & Svcs 25 May 1999 Henry Blodget First Vice President Internet / e-Commerce NET STOCK UPDATE Reason for Report: Weakness Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department RC#10214505 Industry