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Technology Stocks : Hyperfeed Technologies, Inc. (HYPR) -- Ignore unavailable to you. Want to Upgrade?

To: pcyhuang who wrote (1993)	6/14/1999 2:48:00 AM
From: Glenn Petersen	Respond to of 2231

Briefing.com blew the calculation. As of March 31, 1999, PQT had 14,830,351 common shares outstanding. There are also preferred shares outstanding that are convertible into a minimum of 5,013,663 common shares. Additionally, PICO Holdings has options on 3,106,163 shares at $1.575 per share. If these options are exercised and the proceeds are used to purchase shares on the open market at the current price of 9 7/8, this will result in additional dilution of 2,610,750 common shares. For the moment, I will ignore any additional dilution. If you add the current number of common shares outstanding and the dilution from the preferred stock and the PICO options, there are approximately 22,454,764 common shares. PQT will offer 1,950,000 of its PCQuote.com shares in the IPO, generating approximately $25.35 MM in cash, or $1.13 per share, and it will retain 7,850,000 shares in the stock of its subsidiary. Assuming a price of $13 per share, the shares will have a value of approximately $102.05 MM. Discount this amount by 40% for tax and liquidity considerations and you are left with $61.23 MM, or $2.73 per PQT share. Subtract the $2.73 and the $1.13 in cash from $9.88, the current price of PQT, and Hyperfeed is currently being valued at $6.02 per share. Note that my gut feel is that PCQuote.com will trade at a premium to its offering price. The above is JMHO. PCQuote.com Form S-1: ipocentral.com PC Quote Form 424B3: sec.gov

To: pcyhuang who wrote (1993)	8/27/1999 2:40:00 AM
From: pcyhuang	Read Replies (1) \| Respond to of 2231

Story from Briefing.com The recent move in the stock of PQT may be due to the following story: HyperFeed Technologies (PQT) 7 7/8 +13/16: Hyperfeed shares have been electric this week, rallying 68% over the past four trading sessions. Traders positioning themselves in the stock ahead of the market debut of Quote.com(PCQT), HyperFeed's Internet-based financial data unit, which is expected to go out early next month... PCQuote.com is planning to offer 7.75 million shares at between $12 and $14 a piece. One of the more interesting elements of this deal is parent company HyperFeed Technologies' plan to liquidate a portion of its holdings at the IPO price, instead of waiting the 180 days normally required by underwriters before "insiders" are allowed to sell. Should PCQuote.com price at the high end of the estimated range (which is not likely), the 1.95 mln share position HyperFeed is planning to sell would have a value of $27 mln. The remainder of HyperFeed's stake, 7.85 mln shares or 49.9% of the company, would carry a value of approx. $110 mln (again, this is assuming the IPO priced at $14). As of this afternoon, HyperFeed's total market capitalization was just $117 mln. Of course, when attempting to determine the true value of HyperFeed's stake, one must take into account taxes, price volatility and the likelihood that PCQuote.com shares may be illiquid after a few months (i.e. daily volume of less than 150,000 shares). Excluding these factors, company's 9.75 mln share stake carries a value of $9.20 per PQT share (again, assuming a $14 IPO price). -DS pcyhuang huangcapital.com