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Biotech / Medical : Munch-a-Biotech Today

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To: aknahow who wrote (243)	3/3/1999 9:08:00 PM
From: Biomaven	Read Replies (1) of 3158

Amgen reloaded their ammunition today - proposing to increase the number of their authorized shares. It's likely just routine, but you never know. BTW I posted a relevant article on the valuation thread: Message 8137944 The twin threat of no pooling and no quick write-off of in-process R&D in purchase accounting might just stimulate a quick rash of munching. Nothing makes a lazy predator jump like the prospect of their prey disappearing into an accounting bolt-hole. Speaking of the latest meal, I'm pleased to see that GILD has held up well here in a basically weak market. This means it has absorbed the short-selling activity that comes from a merger as the arbitrageurs swing into action. Conceivably they've been helped by the huge short postion in NXTR, which has to be covered by buying either GILD or NXTR. (The NXTR short position has been there for ages though, and so part (most?) of it is likely some sort of hedge position against their convertible). Peter

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