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Technology Stocks : Bamboo.com Inc ( BAMB)
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To: Mohan Marette who wrote (33)8/27/1999 12:25:00 PM
From: professor  Read Replies (4) of 110
 
BAMB is insanely valued. Who is buying this stock? As a large investor, I was called by the underwriter group every other day for a month to buy this stock. They tried to entice me to take it with promises of other deals. They lowered the price four times. Nobody of any substance wanted to touch this thing. Finally, a few big boys had there arms twisted to buy at $7 if they bought half again as much at $8 and reduced the number of shares. There is little value here. They raised so little money here that will not be going to venture capitalists to execute their plan. They will have to be into the market to sell a secondary very soon or sell 144 stock well below the market. It is amazing how many unsophisticated retail investors are buying this thing! With the weak underwriters (very few non Morgan Stanley, Goldman deals have stayed up)this stock period. 30 million shares have traded, notice how Prudential is almost never a buyer. The neophytes that are holding this stock are going to get destroyed! I sold my stock at the opening and I am pissed and amazed that it has gone higher! I am looking for shares to short on settlement of deal. 15 million shares will be for sale from daytraders, unscrupulous dealers, and a few cowboy mutual funds and hedge funds who are trying to corner the float as soon as they realize what they hold. There are 34 other companies in the process of competing with this business. Smart Money says single digits in a week. Do your own due diligence. No institution was willing to buy this stock at $9!!! Whoever doesn't understand this and it's implication! I am short at $23 after selling on opening yesterday.
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