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To: Glenn D. Rudolph who wrote (58602)	5/26/1999 11:46:00 PM
From: H James Morris	Respond to of 164684

Glenn, I just got back from Silicon Valley, I'm tired . It appears that the Internets came back big time. I guess the investors don't care about Mary has to say anymore. Spent the afternoon with InfoSeek. They have a very nice stock option plan. >> NEW YORK, May 26 (Reuters) - The Nasdaq market closed up Wednesday, ending a four-day day losing streak, as Internet stocks bounced back to life, traders said. According to unofficial data, the technology-heavy Nasdaq composite index closed up around 45.28 points, or roughly 1.94 percent, to 2427.18, on heavy volume of about 1.1 billion shares. Declining issues beat advances 2097 to 1837, with 36 stocks hitting new highs and 71 going to new lows. The Dow Jones Industrial Average unofficially ended up 171.07 points, or 1.62 percent, at 10702.16. In a research report Wednesday, influential Wall Street analyst Mary Meeker said she expected further declines in Internet stocks in the near term. The Morgan Stanley Dean Witter analyst said a lack of compelling news and a flood of newly-public Internet companies had quieted the previously boisterous sector. The comments pressured Web stocks early in the day, but some of the biggest names on the Net fought past investor doubts to end the day up. Internet search and traffic software company Inktomi Corp. <INKT.O> closed up 12 at 98 without releasing any news. Amazon.Com Inc. <AMZN.O> broke a losing streak, ending the day up 9-6/16 at 120-15/16. And leading consumer online service America Online Inc. <AOL.N> finished up 5-4/16 at 120-5/16. International Business Machines Corp. <IBM.N> stormed ahead to close up 14-13/16 at 236-1/4. But the resurgence of technology stocks did not convince some traders who, like Meeker, saw Wednesday's rally as just a temporary bounce. "This is a bounce in the downtrend," said one trader, who saw a lack of technology news, the summer slowdown and Year 2000 costs continuing to weigh down the Nasdaq. Traders said positive news from several personal computer makers and some large Internet deals at hefty premiums might be enough to turn the Nasdaq around. But many others saw a correction as the only barrier that would halt the Nasdaq slide. One trader said Tuesday a 10 to 15 percent correction was necessary to stabilize the Nasdaq. As of Tuesday's close the market was down around 10.2 percent. At Wednesday's close the market was down about 8.5 percent from its year high close of 2652.05. 17:07 05-26-99<<