Pathogenesis(pgns) Message Board

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Biotech / Medical : Pathogenesis(pgns)

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To: Dave Twibell who wrote (169)	3/24/1999 6:44:00 AM
From: LLCF	of 228

Dave, couple tidbits of information for you: 1.) a "gap" is a move outside the market at any given time. ie. stock is 12bid-12 3/8 offer.... gap "could be" as little as 12 1/2 or 11 7/8, but most people in the industry would call a 13 trade a gap, usually accompanied by a "block" since it's so far away from the market. May as well learn the "lingo" so you don't confuse those of us in the industry. 2.) < It is uncertain how much of this will occur, though, since PRUS, INCA, and PIPR were selling size all day,> Thank you for the info... for your information "INCA" is the Reuters "instinet box" and can be ANY house including PRUS (prudential) and PIPR (Piper Jaff? don't see them much). 3.)<short-covering pressure at the open, if it occurs, will be from market makers who sold stock yesterday fulfilling their liquidity obligations that they did not have in their inventory. > The market makers I know are all long up the wazoo from their obligations as market makers yesterday (ie. institutions dumping shares)... they do however plan on making a couple bucks on the thing before laying into it however in return for taking all that risk... so they shouldn't start selling it till $14 and change if the stock rallys. DAK

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