Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Land Shark who wrote (12267)	12/11/1999 10:57:00 PM
From: RockyBalboa	of 18998

redherring.com IPO INSANITY? In all, Wall Street raised $290.7 million last week and, for those investors getting in at the offering price, the average opening-day gain was 158.5 percent. By week's end, the graduating class edged slightly higher, closing on Friday with an average gain of 173.1 percent per offering. Nevertheless, the hefty aftermarket prices of the 1999 new-issue market continue to defy gravity and logic. As of Friday's close the average aftermarket performance per IPO, as measured from its opening price, shows a gain of almost 57 percent. The average gain over offering price was 160 percent. "I've never seen anything like this," said a San Francisco-based money manager who asked not to be identified. "And I went to work on Wall Street in July 1954." When asked if this had the earmarks of a "buying climax," he paused and said, "You know, I think you're right. But I'll keep playing the game. I don't own stocks, I rent them, and I always have a cash balance at the end of the day."

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