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Technology Stocks : Avant (AVNT)
AVNT 31.51+1.3%Dec 11 3:59 PM EST
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To: PMylnar who wrote (1302)10/30/1997 3:40:00 PM
From: Ploni  Read Replies (1) of 3441
 
One more off-subject. Postulation- If the troubles in SE Asia are so big that every portfolio manager on Wall Street is selling technology stocks ... aren't the big US banks that just paid up to get in the brokerage business huge shorts (BAC, NB, BT)!!! They paid over peak multiples for investment banking businesses that have been tied largely to the IPO calender and more specifically technology IPO's.

That's a good question. How much revenue comes from underwriting, and how much from trading? Several people have commented that IPO's (and secondaries) will probably be hurt, but this current volatility isn't like previous crashes where the small investors were frightened away from the market. Rather, they've been trained to "buy on the dips" (gag!), and the brokers are making tons on commissions.
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