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Technology Stocks : Convergent Communications, Inc. -(CONV)
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To: Silver_Bullet who wrote (60)10/31/1999 9:04:00 PM
From: Panita   of 105
 
Friendly. I partially agree with you. Funds flip on the first day of an IPO. But they do not flip all of their allocations. If a funds got an allocation of 100,000 shares, they likely flipped 75,000 - 80,000 and keep a few shares in case the IPO does become a Yahoo, AOL, etc. So although Funds take profits on the IPO debut date, they do keep some of their shares. These remaining shares in their portfolio do have the $15 cost and therefore can be used for tax selling purposes. Little risk in playing with the houses money. There are enough shares in funds hands to have caused the October decline.
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