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Non-Tech : Friedman, Billings & Ramsey (FBR)
FBR 17.01-2.2%Jan 3 4:00 PM EST
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To: blankmind who wrote (66)4/15/1999 8:48:00 AM
From: Timothy R. West  Read Replies (1) of 173
 
If FBG gapped open on 1.5 million shares at 12, then those buyers were met with supply at 12 and any short-term disappointed buyers will attempt to get out at breakeven. There have been so many gap up and run stocks in the last several months, that I think many people are stuck in this stock who were expecting to pull 3-10 points out of it in one or two days. FBR dropped 3 points from the opening price, so I think we have disappointed, short-term traders in the stock. This stock hasn't traded 1.5 million shares in one day since the IPO in Dec'97.

I was curious to know why so many buy orders were out there for yesterday's open. Was there a news story somewhere on some news service like Bloomberg or Dow Jones or at some website? Something had to trigger so much interest in such a slow stock.

Perhaps FBG's ownership of First Sierra Financial (FSFH) may have spurred the stock. I think FBG has major stakes in the stocks it takes public. I recall there is something to this from doing research back in December. I'll have to go check my records or search through their SEC docs. I recall checking to see what backed up their BOOK VALUE; cash, investments, warrants... etc.

Happy investigating.

Tim West
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