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Biotech / Medical : taxloss selling
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To: Extra Pale who wrote (10)10/8/2000 1:27:09 PM
From: Extra Pale   of 16
 
For what its worth - comments from an analyst:

First Albany's Johnson believes more tax-driven selling will occur in December.

``This year, investors have a strange mix of gains and losses,'' Johnson said. ``They have gains from previous years. And this year, they have losses.

``So we'll see a lot of tax-driven selling -- selling stocks at losses and using the losses to harvest gains'' elsewhere in investors' portfolios, he explained.

``Let's say there's an individual with a big gain in Qualcomm. They don't want to sell it and have a big capital gain'' to pay tax on. ``This year, maybe they have a loss in P&G or Gillette. So they'll sell P&G or Gillette at a loss and use the loss to offset the gain in Qualcomm. So you have no tax on the capital gain. It's a wash.''

This year-end selling probably won't have that much impact on the market, as investors will ``probably turn around in 30 days and reinvest in some of the stocks they sold.''
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