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Technology Stocks : barnesandnoble.com (BNBN)
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To: Sidney Reilly who wrote (1)7/15/1999 11:48:00 PM
From: flish   of 766
 
I have been reading the posts regarding GSCO and resistance at 18-19. Just so you know my bias, I'm no fan of GSCO (and learned early to beware of GSCO on the ask when trading), I bought small shares of BNBN at the IPO price through WitCapital and averaged down at 16 and 14.5. That's my bias, and here's my alternative perspective: I don't think GSCO is intentionally doing anything to the stock price.

Sure as an underwriter they have an unwritten obligation to take reasonable steps to support the IPO and the clients to whom they persuaded to buy into the company. But remember they have clients. If those clients place sell orders, GSCO sells. I understand that MM's have the ability to manipulate prices and do. But that's not all they do. They also respond to the market. There is large float and some selling sentiment. My ultimate point is not to be disagreeable but to encourage fellow holders. I think some of our frustration is being misdirected at GSCO. So many IPO's are soaring while this one is pausing. I have no predictions but I have learned that patience is good thing. Hold on and try to remember that GSCO did take this company public and sees a distant horizon, one that doesn't agonize over a 1/2 point. <g>

Good luck.
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