TD Waterhouse Group (TWE) Message Board

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Non-Tech : TD Waterhouse Group (TWE)

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To: RDR who wrote (162)	6/18/1999 3:45:00 PM
From: johnlag	of 1413

I am aware of a few of the instances you mentioned before. This is the second time around for me. I was long at 67 before the announcement of the Waterhouse spinoff. The stock subsequently shot to 90. Here's how I see it: Currently at the $70 level, very little of the brokerage valuations are built into the scenario. By sending 10% of Waterhouse's shares into the market, TD should be able to book the value of the rest of its 90% ownership. Most of the stocks you mentioned before did initially trade up substantially before being brought back down a few days before the IPO began to trade. One risk is how much valuation the market is willing to give the brokerages right. Taking into consideration market sentiment with regards to Schwab and Knight. It should be interesting. My call position is deep enough that even a 4 to 5 point move will be quite enough. Cheers! John

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