Novellus Message Board - Msg: 9637288

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Technology Stocks : Novellus

NVLS 2.400

+2.1%

Jul 24 5:00 PM EST

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To: Carl R. who wrote (2243)	5/20/1999 11:42:00 AM
From: brushwud	Read Replies (1) of 3813

> The question I can't figure out is why anyone would buy a secondary.... The same reason why anyone would buy a stock, plus a broker might be pushing it. SGI did a secondary offering of MIPS shares last week and MIPS has been trading higher than the offering price. Seems like Novellus had good timing and SGI not so good, but who's timing is always perfect? People seem to think secondary offerings are dilutive and stock repurchases are anti-dilutive, but often it's quite the reverse. In fact, the former is growth and the latter is liquidation.

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