stockhouse.com
Friday, April 23, 1999
Trading frenzy surrounds Bid.Com
By LINDA LEATHERDALE, BUSINESS EDITOR
Bid.Com was one hot stock yesterday.
Eyebrows were raised on Bay St. when it was discovered that among those buying up hundreds of thousands of shares yesterday was Yorkton Securities, Bid.Com's underwriters, who a day earlier downgraded the stock from "speculative buy" to "underperform," suggesting they were trading for far more than the $2 to $3 he figured they are worth.
By 10:15 a.m., after the 9:30 a.m. opening bell, Yorkton bought a block of 108,700 shares
at $9.03 apiece, cashing in on cheaper prices.
The high-flying Internet stock, whose shares were once worth less than $1, then shot up to as high as $32.35,
fell $5.10 to $13.90 Wednesday,
after Yorkton analyst, Mark Pavan, released his downgrading report.
More than seven million Bid.Com shares traded hands yesterday, with shares trading as high as $14.60, then
falling back to close the day at
$12.45, down $1.45. |
