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Technology Stocks : Leap Wireless International (LWIN)
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To: Jack Jackson who wrote (65)9/24/1998 2:02:00 PM
From: JGoren  Read Replies (2) of 2737
 
Leap has hit as high as 8-5/8 on over 800,000 shares. My uneducated guess is that shareholders are accumulating positions. Let's say you owned a certain amount of Qcom and you would be entitled to 827.5 shares. Half shares were not distributed. The brokers may be buying shares so that their customers can have a position with whole shares. Other shareholders may want to round up to 1000 shares. Gregg posted that Lehman Bros. gave an opinion of value several days ago; I don't know to what he is referring. It's not the opinion in the registration statement. Apparently, Lehman gave an opinion that the value of Leap was above the opening trading price, so the price is going up. I did not read the registration statement carefully, but it is clearly difficult to determine a valuation for a company such as Leap.
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