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Biotech / Medical : Novartis
NVS 126.53+0.8%12:42 PM EST
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To: Valueman who wrote (111)11/13/1997 11:22:00 PM
From: Steve Becker   of 296
 
Valueman,
Re: "There is big volume in the stock everyday."
One thing I've noticed is that on a chart there is the absence of any trades almost once a week. See quote.yahoo.com .
I find that very odd to see 200K traded one day and nothing the next. Maybe on slow days small trades come out of and go into the MM holdings and don't show up on volume. I think your theory on how they come up with their bid and ask is correct.

Doug,
Since this stock has wide swings and spreads it is one to look at in a longer term perspective. The $5 swings have more to do with the MM spread and Swiss currency fluctation. I have it in my 401k where we can only make changes once a month. In the end that has worked out better than worrying about it being $78 one day and $72 the next for no particular reason.

Uncle Micky,
It was explained years back to Sandoz employees that the reason Sandoz didn't get listed on any US exchanges besides the pink sheets was because the Swiss accounting methods are far different to the US methods and they would have to adopt the accepted US accounting methods to get listed on a US exchange besides the Pink Sheets. If you think about it how many Swiss ADRs are on the NYSE or NASDAQ?
NESTLE ADR is also on the BB.
Tell a Swiss that our way is better? That would be like telling them Hershey's chocolate is better than Swiss chocolate.
I agree, put Novartis on a listed exchange and the added exposure is good for 15-20%. I'll have to ask why again at a benefits meeting one of these days.

Steve

Steve
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