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<DIV><STRONG><FONT face=Arial size=1>Burning Up</FONT></STRONG></DIV>
<DIV><U><STRONG><FONT face=Arial size=1>Warning: Internet companies are running
out of cash -- <FONT color=#ff0000>fast</FONT>
<BR></FONT></STRONG></U></DIV>
<DIV><FONT face=Arial size=1>By Jack<BR>Willoughby</FONT></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><FONT face=Arial size=1>When will the Internet Bubble burst? </FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=1><STRONG><U><FONT color=#0000ff>For scores of 'Net
upstarts, that unpleasant popping sound is likely<BR>to be heard before the end
of this year</FONT></U></STRONG>. Starved for cash, many of these<BR>companies
will try to raise fresh funds by issuing more stock or bonds.
But<BR><STRONG><FONT color=#ff0000><U>a lot of them won't
succeed</U></FONT></STRONG>. As a result, they will be forced to sell out<BR>to
stronger rivals or go out of business altogether. Already, many<BR>cash-strapped
Internet firms are scrambling to find financing.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>An exclusive study conducted for Barron's by
the Internet stock evaluation firm Pegasus<BR>Research International indicates
that <STRONG><U><FONT color=#ff0000>at least 51 'Net firms will burn<BR>through
their cash within the next 12 months.</FONT></U></STRONG> <STRONG><FONT
color=#0000ff>This amounts to a quarter of<BR>the 207 companies included in our
study</FONT></STRONG>. Among the outfits likely to run<BR>out of funds soon are
CDNow, Secure Computing, "Drkoop.com", Medscape,</FONT></DIV>
<DIV><FONT face=Arial size=1>"Infonautics", "Intraware",
"Peapod".</FONT></DIV>
<DIV><FONT face=Arial size=1></FONT> </DIV>
<DIV><FONT face=Arial size=1>To assess the Internet sector's financial position,
Pegasus assumed that<BR>the firms in the study would continue booking revenues
and expenses at the<BR>same rate they did in last year's fourth quarter. While
this method cannot<BR>predict the future precisely, it helps answer a question
that has been<BR>nagging many stock-market analysts: When will the crowded
Internet industry<BR>begin to be winnowed?</FONT></DIV>
<DIV><FONT face=Arial size=1><BR><STRONG><FONT color=#ff0000><U>The
ramifications are far-reaching</U></FONT></STRONG>. To begin with, America's
371<BR>publicly traded Internet companies have grown to the point that they
are<BR><STRONG><FONT color=#0000ff><U>collectively valued at $1.3 trillion,
</U></FONT></STRONG>which amounts to about 8% of the<BR>entire U.S. stock
market. Any financial problems at these Internet firms<BR>would affect the
myriad companies that supply them with equipment,<BR>including such giants as
Cisco Systems and Intel.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Another consideration is that <STRONG><U><FONT
color=#0000ff>a collapse in highflying Internet stocks<BR>could have a
depressing effect on the overall market and on consumer<BR>confidence, too.
</FONT></U></STRONG>This, in turn, could make Americans feel less wealthy
and<BR>cause them to spend less money on everything from cars to clothing
to<BR>houses.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>It's no secret that <STRONG><U><FONT
color=#ff0000>most Internet companies continue to be<BR>money-burners.
</FONT></U></STRONG>Of the companies in the Pegasus survey, <STRONG><FONT
color=#0000ff><U>74% had negative<BR>cash flows. </U></FONT></STRONG>For many,
there seems to be little realistic hope of profits in<BR>the near term. And it's
not just the small fry who are running out of cash.<BR>Perhaps one of the
best-known companies on our list Amazon.com</FONT></DIV>
<DIV><FONT face=Arial size=1>showed up with only 10 months' worth of cash left
in<BR>the till.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Pegasus was working with the latest public
financial data, from December<BR>31, so the table doesn't reflect the fact that
Amazon early this year<BR>managed to raise $690 million by issuing convertible
bonds. But that money<BR>will last the firm only 21 months. Moreover, <FONT
color=#ff0000><U><STRONG>raising fresh funds will be<BR>more difficult if
Amazon's operating losses continue to mount and its stock<BR>price continues to
flag.<BR></STRONG></U></FONT></FONT></DIV>
<DIV><FONT face=Arial size=1>"What's critical is the stock price," says Scott
Sipprelle, co-founder<BR>of Midtown Research in New York. "It's only when the
stock price comes<BR>unglued that the burn rate means anything."</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Several signs suggest that the era of "unglued"
stock prices is fast<BR>approaching. Amazon.com, for example, is trading at
about 65, down from its<BR>all-time high of $113. Then there's Internet
Capital<BR>Group, trading at a recent 117, down from a high of 212.
Many<BR>other net fledglings are in far worse shape. ELoan's shares have
plummeted<BR>to about 10, from a high of 74.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR></FONT><FONT face=Arial size=1>The broad
picture isn't much better. The Dow Jones Internet Commerce<BR>Index had fallen
25% from the all-time high achieved last April.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Little wonder that so many 'Net firms are
following Amazon's lead and<BR>looking for new funding. "The hunt for cash will
become more desperate as<BR>the reserves deplete," says Greg Kyle, founder of
New York-based Pegasus<BR>Research International.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Take, for instance, the firm at the top of our
list, Pilot Network<BR>Services. It was just about at the bottom of its cash
hoard when<BR>it managed to get a $15 million investment from
PrimusTelecommunications. </FONT></DIV>
<DIV><FONT face=Arial size=1></FONT> </DIV>
<DIV><FONT face=Arial size=1>To obtain the funds, Pilot had to give Primus<BR>a
6% ownership stake. At the current burn rate, the cash infusion should<BR>last
Pilot about 10 months.</FONT></DIV>
<DIV><FONT face=Arial size=1></FONT> </DIV>
<DIV><FONT face=Arial size=1>VerticalNet, which helps businesses transact on the
Internet, had to turn to Microsoft to replenish<BR>its dwindling cash supply. In
exchange for a $100 million investment,<BR>Microsoft is getting a 2% stake in
VerticalNet and requiring the Internet<BR>upstart to use Microsoft's
technology.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Medscape, No. 9 on our list, apparently solved
its cash problems by<BR>agreeing a few weeks ago to be bought by MedicalLogic
Inc. for $733 million<BR>in stock</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Not all 'Net firms have been so lucky. Peapod,
the fourth company on our<BR>list, unveiled crushing news last week. Peapod
Chairman Bill Malloy intends<BR>to step down for health reasons from the online
vendor of groceries. As a<BR>result, investors who had agreed to pony up $120
million in financing are<BR>backing out of the deal. Peapod has hired
Wasserstein Perrella to seek out<BR>new investors, but with only $3 million of
cash on hand, Peapod's coffers<BR>could be empty within a month. That's even
sooner than indicated by the<BR>financial data that Pegasus used to create its
burnout rankings.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Another 'Net company in disarray is the online
music retailer CDNow, No.<BR>2 on our list. CDNow executives thought their
problems were solved when<BR>they agreed to a takeover offer of more than $300
million from Columbia<BR>House, the mail-order record seller that's jointly
owned by Time Warner and </FONT></DIV>
<DIV><FONT face=Arial size=1>Sony. One problem: It turned out Columbia House did
not itself generate </FONT></DIV>
<DIV><FONT face=Arial size=1>enough cash to make the merger
work.<BR></FONT></DIV>
<DIV><FONT face=Arial size=1>Nancy Peretsman, a managing director at the
investment bank Allen & Co., </FONT></DIV>
<DIV><FONT face=Arial size=1>has been hired by CDNow to assess strategic
options. Her job may not<BR>be easy. <STRONG><U><FONT color=#0000ff>CDNow has
enough cash to last less than one month, and its shares<BR>are trading at 6 3/4,
down 80% from their all-time high</FONT></U></STRONG>.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>As noted above, a depressed share price limits
a company's ability to<BR>raise fresh funds. Let's face it, with lots of
investors looking at losses<BR>on a stock investment, selling more shares into
the market can be<BR>difficult, at best. A good example is eToys, a<BR>toy
retailer that came public at $20 and surged to well over $80 amid
great<BR>public enthusiasm. The concept was easy to understand and promised
great<BR>riches. But the competition, in the form of Toys R<BR>Us, did not roll
over and play dead. Toys R Us launched its own<BR>Website, and ardor cooled for
eToys. Today shares of eToys repose at 11<BR>3/4. All those people who bought in
at prices ranging from $20 to $80 are<BR>none too eager to buy more shares, even
at $12. EToys has enough cash on<BR>hand to last only 11 more months, so stay
tuned.<BR></FONT></DIV>
<DIV><FONT face=Arial size=1>Even a celebrity like Dr. Everett Koop is not
immune. His Website,<BR>came public at $9 a share, surged to over $40, and has
since<BR>fallen back to $9. Drkoop.com ranks seventh on our list, with three
months'<BR>cash left.</FONT></DIV>
<DIV><FONT face=Arial size=1></FONT> </DIV>
<DIV><FONT face=Arial size=1>Another easy-to-understand e-play that has
disappointed investors is<BR>FTD.com, the flower retailer. Its shares have
wilted to a recent 3 5/8, from an all-time high of 12 1/2.<BR>FTD.com has about
six months' of cash remaining.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>"That's the problem with these IPO run-ups.
They introduce so much hype<BR>and emotion, when what's really needed is
stability," says William<BR>Hambrecht, founder of Hambrecht &amp; Quist,
owner of W.R. Hambrecht, a<BR>pioneer in offering IPOs to investors via the
Internet. "A volatile price<BR>on a new stock kills your ability to finance in
the future. It's very<BR>destructive."<BR></FONT></DIV>
<DIV><FONT face=Arial size=1>"Net companies are also finding it more difficult
to raise funds by<BR>issuing convertible bonds. One reason: investors in these
instruments are<BR>attracted to the possibility that the issuer's stock price
will rise,<BR>enabling bondholders to reap a nice profit when they convert their
bonds<BR>into stock at some future date. "Slowly the door's beginning to shut on
the<BR>pure Internet plays in the convertible market," says Ravi Suria, chief
of<BR>convertibles research at Lehman Brothers in New York. Indeed, E*Trade,
</FONT></DIV>
<DIV><FONT face=Arial size=1>Amazon.com and Ameritrade have had to offer
unusually generous interest </FONT></DIV>
<DIV><FONT face=Arial size=1>rates and conversion terms to sell their latest
offerings of convertibles. With </FONT></DIV>
<DIV><FONT face=Arial size=1>so many Internet stocks well off their highs, the
promise of converting bonds </FONT></DIV>
<DIV><FONT face=Arial size=1>into stocks at a huge profit seems more remote,
making such deals a lot less </FONT></DIV>
<DIV><FONT face=Arial size=1>alluring.<BR></FONT></DIV>
<DIV><FONT face=Arial size=1>Egghead.com, with an estimated 4.4 months' worth of
cash on hand, recently </FONT></DIV>
<DIV><FONT face=Arial size=1>solved its hunt for capital, but its success may
prove pyrrhic. Although a Bahamian </FONT></DIV>
<DIV><FONT face=Arial size=1>outfit called Acqua Wellington agreed to invest
$100 million in Egghead.com, Acqua plans to<BR>make its investment over a
nine-month period, buying up stock at an<BR>unstated discount to the current
market. "It's a curious situation, to be<BR>sure," says Pegasus' Kyle. And it's
yet another sign that cash is getting<BR>more difficult for 'Net firms to come
by.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Investors' distaste for 'Net stocks is
especially prevalent when the<BR>business plans of the companies in question
depend solely on selling goods<BR>to consumers. "<STRONG><U><FONT
color=#ff0000>The business models are coming under intense scrutiny
for<BR>companies in the business-to-consumer sector, because both investors
and<BR>venture capitalists are skeptical about the potential for
profitability</FONT></U></STRONG>,"<BR>says Jon A. Flint, founder of
Boston-based Polaris Venture Partners, an<BR>initial backer of the successful
Internet company Akamai Technologies.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Could the depression felt in consumer-oriented
'Net companies spread to<BR>the business-to-business sector? Right now the
sector is so beloved that it<BR>hardly seems possible. For instance, a
purchasing site for businesses,<BR>PurchasePro, has a mere 10.2 months of cash
remaining, yet the stock market </FONT></DIV>
<DIV><FONT face=Arial size=1>totally sloughs it off.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Recently, PurchasePro shares touched a
spectacular 175, up 2,000% from the<BR>firm's $8 offering price (adjusted for a
split) last September.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Still, don't be surprised if at some point such
popular<BR>business-to-business stocks go the way of the consumer offerings such
as<BR>eToys, FTD.com, or drkoop.com. "<STRONG><U><FONT color=#ff0000>Many of
these B2B companies have strategies<BR>that depend upon continuous access to
capital</FONT></U></STRONG>," says Kyle. "<STRONG><FONT color=#0000ff>If any of
these<BR>firms were not able to raise their cash, the implosion would
certainly<BR>affect stockholder confidence.</FONT></STRONG> We know that B2B
stocks have to eventually<BR>come down, the question is when: five months or
five years from now?"</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Don't bet on the latter.<BR></FONT></DIV>
<DIV><FONT face=Arial size=1>Part of the problem is that the<BR><STRONG><U><FONT
color=#ff0000>'Net companies' founders and early backers are eager to sell their
shares<BR>while they still can. So far this year, 38 publicly traded
Internet<BR>companies have tapped the markets for $16 billion in capital
through<BR>secondary offerings</FONT></U></STRONG>. This represents <U><FONT
color=#0000ff>a fivefold increase </FONT></U>in the number of<BR>secondary
offerings compared with the same period last year. Another key<BR>difference is
that this year a far larger number of second-round deals<BR>involved insiders
unloading their shares on the public. This hurts the<BR>companies in question
because <STRONG><U><FONT color=#0000ff>the cash raised by selling shareholders
goes<BR>right into the pockets of those shareholders, and not into the
companies'<BR>coffers</FONT></U></STRONG>.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Sure, venture capitalists and other early-stage
investors are in the<BR>business of selling out at a profit eventually, but
large sales of insider<BR>stock while a company is still reporting losses can
choke off that<BR>company's access to fresh capital, thereby diminishing the
chances for<BR>survival. In the investment world, this is akin to men on a
sinking ocean<BR>liner pushing women and children aside to commandeer the
lifeboats.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>"The IPO market used to be available only to
seasoned companies where<BR>the insiders' exit strategy didn't matter," says
Hambrecht. "When you take<BR>a company public that still needs capital to
continue as a going concern,<BR>you are taking a huge risk. Insider selling only
makes it harder to raise<BR>money."</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Venture capitalists, quite rightly, become
incensed when their integrity<BR>gets impugned. After all, they were behind more
than half of last year's<BR>501 initial public offerings. For them, selling down
positions to cover<BR>startup costs happens to be a business
strategy.</p><BR><p>The conflict of interest between venture
capitalists and the public is<BR>well illustrated by the case of MyPoints.com,
an Internet<BR>direct-marketing firm. With four months' cash left, MyPoints
filed to raise<BR>$185 million by selling as many as four million shares to the
public. At<BR>first blush, the offering would appear to refill MyPoints.com's
coffers<BR>quite nicely. But a closer look reveals that 40% of the shares on
offer are<BR>being sold by insiders. Thus, money seemingly destined for the
company gets<BR>diverted to insiders.</FONT></DIV>
<DIV><FONT face=Arial size=1><BR>Another notable insider selloff occurred at the
Internet real-estate<BR>seller HomeStore.com, which at yearend 1999 had enough
cash remaining </FONT></DIV>
<DIV><FONT face=Arial size=1>to last a little over a year. The stock came public
at 20 in August, rose to a </FONT></DIV>
<DIV><FONT face=Arial size=1>high of 138, and has since slipped to 50. In
January, HomeStore announced </FONT></DIV>
<DIV><FONT face=Arial size=1>a $900 million secondary offering, in which the
insiders reaped more than </FONT></DIV>
<DIV><FONT face=Arial size=1>half the gross proceeds.<BR></FONT></DIV>
<DIV><FONT face=Arial size=1>More often than not, venture capitalists sell when
retail investors are<BR>eager to buy. As noted above, shares of PurchasePro.com
recently touched<BR>$175. With 10.2 months' cash left, it should be no surprise
that<BR>PurchasePro recently sold three million shares, one-third of which
are<BR>owned by insiders.<BR></FONT></DIV>
<DIV><FONT face=Arial size=1>The evidence shows <STRONG><U><FONT
color=#ff0000>the race for the exits is especially pronounced among<BR>Internet
companies. So far this year, in two-thirds of the secondary stock<BR>offerings
by Internet companies, 25% or more of the shares were sold
by<BR>insiders,</FONT></U></STRONG> according to CommScan. In non-Internet
deals, only about<BR>one-quarter of the deals involved insider selling of 25% or
more.<BR></FONT></DIV>
<DIV><FONT face=Arial size=1>The Internet investing game has been kept alive in
large part by a<BR>massive flow of money out of Old Economy stocks and into New
Economy<BR>stocks. Last week's steep slide in the Nasdaq and the sharp recovery
of the<BR>Dow Jones Industrial Average may mark a reversal of this trend.
As<BR>illustrated last week, once psychology changes, <FONT
color=#0000ff><STRONG><U>cash-poor Internet issues<BR>tend to fall farthest,
fastest.</U></STRONG></FONT></FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial
size=2>---------------------------------------------------------------------------------------------------</FONT></DIV>
<DIV><FONT face=Arial size=2>Find Your 'Net Stock</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Below, sorted alphabetically, are the 207 Internet
stocks we reviewed and their ranks. Remember, No. 1 is likely to burn
through<BR>its cash first, No. 207, last. <BR> </FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial
size=2> Rank<BR>
Company<BR> 177
<BR>
@plan.inc <BR> 154
<BR>
About.com <BR> 190
<BR>
Accrue Software <BR> 173
<BR>
Active Software <BR> 198
<BR>
Agile Software <BR> 117
<BR>
Akamai Tech <BR> 205
<BR>
Allaire <BR> 164
<BR>
AltiGen Comm <BR> 45
<BR>
Amazon.com <BR> 187
<BR>
Ameritrade <BR> 201
<BR>
Andover.Net <BR> 23
<BR>
Applied Theory <BR> 143
<BR>
Ariba <BR> 191
<BR> Art
Tech Group <BR> 39
<BR>
Ashford.com <BR> 33
<BR> Ask
Jeeves <BR> 78
<BR>
Audible <BR> 145
<BR>
autobytel.com <BR> 59
<BR>
AutoWeb.com <BR> 182
<BR>
BackWeb Tech. <BR> 62
<BR>
Barnes & Noble.com <BR> 140
<BR> Be
Free <BR> 29
<BR>
Beyond.com <BR> 20
<BR>
BigStar Entertainment <BR> 146
<BR>
Bluestone Software <BR> 153
<BR>
Breakaway Solutions <BR> 161
<BR>
Broadbase Software <BR> 127
<BR>
Calico Commerce <BR> 206
<BR>
C-Bridge Internet <BR> 2
<BR>
CDNow <BR> 141
<BR>
China.com <BR> 100
<BR>
CNET <BR> 47
<BR>
Cobalt Group <BR> 122
<BR>
Commerce One <BR> 148
<BR>
CommTouch Software <BR> 68
<BR>
Concentric Ntwk <BR> 67
<BR>
Critical Path <BR> 22
<BR>
Cybercash <BR> 160
<BR>
CyberSource <BR> 65
<BR>
Cylink <BR> 180
<BR>
Data Return <BR> 169
<BR>
Digital Impact <BR> 11
<BR>
Digital Island <BR> 113
<BR>
Digital River <BR> 203
<BR>
DoubleClick <BR> 7
<BR>
drkoop.com <BR> 38
<BR>
drugstore.com <BR> 96
<BR>
DSL.net <BR> 31
<BR> E
Loan <BR> 158
<BR>
E*Trade <BR> 135
<BR>
E.piphany <BR> 171
<BR>
Earthlink <BR> 41
<BR>
EarthWeb <BR> 189
<BR>
eBenX <BR> 57
<BR>
eCollege.com <BR> 124
<BR>
EDGAR Online <BR> 70
<BR>
eGain Comms <BR> 17
<BR>
Egghead.com <BR> 76
<BR>
Egreetings.com <BR> 108
<BR> El
Sitio <BR> 51
<BR>
E-Stamp <BR> 49
<BR>
eToys <BR> 85
<BR>
Exactis.com <BR> 181
<BR>
Exodus Comm <BR> 71
<BR>
Fogdog <BR> 142
<BR>
FreeShop.com <BR> 27
<BR>
FTD.com <BR> 80
<BR>
garden.com <BR> 162
<BR>
GetThere.com <BR> 138
<BR>
GoTo.com <BR> 121
<BR>
Gric Communications <BR> 98
<BR>
HealthCentral.com <BR> 30
<BR>
Healtheon <BR> 112
<BR>
HealthExtras <BR> 132
<BR>
HearMe.co <BR> 69
<BR>
HomeStore.com <BR> 168
<BR>
Hoover's <BR> 176
<BR>
HotJobs.com <BR> 156
<BR>
iBasis <BR> 90
<BR> iGo
<BR> 19
<BR>
ImageX.com <BR> 8
<BR>
Infonautics <BR> 186
<BR>
Inktomi <BR> 107
<BR>
InsWeb <BR> 10
<BR>
Intelligent Life <BR> 32
<BR>
Interactive Pictures <BR> 15
<BR>
Interliant <BR> 130
<BR>
InterNAP Ntwk Svs <BR> 183
<BR>
Internet.com <BR> 150
<BR>
InterTrust Tech <BR> 137
<BR>
Interwoven <BR> 14
<BR>
Intraware <BR> 147
<BR>
ITXC <BR> 66
<BR>
iVillage <BR> 120
<BR> iXL
Enterprises <BR> 91
<BR>
JFax.com <BR> 63
<BR>
Juno Online Svs <BR> 188
<BR>
Jupiter Comm <BR> 50
<BR>
Kana Comms <BR> 175
<BR>
Keynote Systems <BR> 149
<BR>
Knot <BR> 102
<BR>
Launch Media <BR> 36
<BR>
LifeMinders.com <BR> 101
<BR>
Lionbridge Tech <BR> 167
<BR>
Liquid Audio <BR> 89
<BR> Log
On America <BR> 34
<BR>
LoisLaw.com <BR> 61
<BR>
LookSmart <BR> 21
<BR>
Mail.com <BR> 200
<BR>
Marimba <BR> 6
<BR>
MarketWatch.com <BR> 128
<BR>
Mcafee <BR> 174
<BR>
Media Metrix <BR> 152
<BR>
Mediaplex <BR> 114
<BR>
MedicaLogic <BR> 9
<BR>
Medscape <BR> 88
<BR>
MessageMedia <BR> 136
<BR>
Mortgage.com <BR> 18
<BR>
MotherNature.com <BR> 185
<BR>
MP3.com <BR> 48
<BR>
Multex.com <BR> 16
<BR>
MyPoints.com <BR> 83
<BR>
NBCi <BR> 103
<BR>
Netcentives <BR> 42
<BR>
NetObjects <BR> 133
<BR>
NetPerceptions <BR> 64
<BR>
NetRadio <BR> 196
<BR>
NetRatings <BR> 129
<BR>
NetSpeak <BR> 87
<BR>
NetZero <BR> 26
<BR>
Newsedge <BR> 115
<BR>
NextCard <BR> 40
<BR>
NorthPoint Comm <BR> 104
<BR>
OnDisplay <BR> 125
<BR>
Onemain.com <BR> 119
<BR>
OneSource Info Svs <BR> 58
<BR>
Online Resources <BR> 126
<BR>
OpenMarket <BR> 179
<BR>
pcOrder.com <BR> 4
<BR>
Peapod <BR> 97
<BR>
Persistence Software <BR> 195
<BR>
Phone.com <BR> 1
<BR>
Pilot Ntwk Services <BR> 199
<BR>
Pivotal <BR> 35
<BR>
PlanetRx.com <BR> 159
<BR>
Preview Travel <BR> 139
<BR>
Priceline.com <BR> 25
<BR>
Primix Solutions <BR> 151
<BR>
Primus Knowledge <BR> 56
<BR>
Prodigy <BR> 204
<BR>
PSINet <BR> 46
<BR>
PurchasePro.com <BR> 166
<BR>
Quintus <BR> 55
<BR>
Quokka Sports <BR> 84
<BR>
Quotesmith.com <BR> 207
<BR>
Radware <BR> 109
<BR>
Ramp Ntwks <BR> 86
<BR>
Retek <BR> 60
<BR>
Rhythms Net Connect <BR> 157
<BR> S1
Corporation <BR> 44
<BR>
Salon.com <BR> 197
<BR>
Scient <BR> 3
<BR>
Secure Computing <BR> 28
<BR>
ShopNow.com <BR> 131
<BR>
Silknet Software <BR> 75
<BR>
SilverStream Software <BR> 37
<BR>
SmarterKids.com <BR> 193
<BR>
Software.com <BR> 12
<BR>
Splitrock Services <BR> 92
<BR>
SportsLine <BR> 194
<BR>
Spyglass <BR> 123
<BR>
Stamps.com <BR> 118
<BR>
StarMedia Ntwk <BR> 52
<BR>
Streamline.com <BR> 99
<BR>
Student Advantage <BR> 72
<BR>
Talk City <BR> 172
<BR>
Telemate.Net Software <BR> 54
<BR>
Theglobe.com <BR> 110
<BR>
TheStreet.com <BR> 74
<BR>
TicketMstr-CitySearch <BR> 43
<BR>
Tickets.com <BR> 77
<BR>
TriZetto Group <BR> 116
<BR>
Tumbleweed Comms <BR> 155
<BR> Tut
Systems <BR> 178
<BR>
U.S. Interactive <BR> 53
<BR>
uBid <BR> 95
<BR>
USinterNetworking <BR> 184
<BR>
USWeb/CKS <BR> 79
<BR>
Ventro <BR> 5
<BR>
VerticalNet <BR> 111
<BR>
Viador <BR> 202
<BR>
Vignette <BR> 13
<BR>
VitaminShoppe.com <BR> 163
<BR>
Vitria Technology <BR> 81
<BR>
VocalTec <BR> 93
<BR>
V-ONE <BR> 94
<BR>
VoxWare <BR> 105
<BR>
WatchGuard Tech <BR> 144
<BR> Web
Street <BR> 165
<BR>
Webvan Group <BR> 192
<BR> Wit
Capital Group <BR> 170
<BR>
Women.com <BR> 82
<BR>
Worldgate Comm. <BR> 24
<BR>
WorldTalk Corp <BR> 106
<BR>
yesmail.com <BR> 134
<BR>
ZapMe! <BR> 73
<BR>
ZipLink </FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial></FONT> </DIV></BODY></HTML>
</x-html>From ???@??? Mon Mar 20 06:35:26 2000
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From: "Dr. John Cappello" <jvc689@xxxxxxxxxxx>
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Subject: [RT] SP short Mar 20
Date: Mon, 20 Mar 2000 06:20:58 EST
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Status:
Bio System S&P has reversed from long on 3/16/00 to short today.
FYI,
John
>Net Systems - http://www.geocities.com/WallStreet/Bureau/5296/
>
>SP system goes short tomorrow March 20. ND system is stil long.
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