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To: micny who wrote (6603)	6/22/1999 10:35:00 AM
From: Ron S	Read Replies (1) \| Respond to of 20297

Secondary buyers who thought they were getting a free ride on pricing 1 1/4 points below yesterday's close are in deep doodoo instead. They are bailing. Instead of a bunch of satisfied new holders, you have many unhappy stockholders, who expected profit and are now cutting their losses.

To: micny who wrote (6603)	6/22/1999 10:36:00 AM
From: AugustWest	Read Replies (2) \| Respond to of 20297

there were at least 1.2 million shares traded at exactly $39. Or more appropriately, that's what I saw, I can't provide factual information on that though. And I also don't understand all the dynamics and games that higher powers use to get what they want. Only thing I do know, as a wise man on this thread has stated in the past, "You go with what you know, and he more you know, the further you go"

To: micny who wrote (6603)	6/22/1999 10:37:00 AM
From: zuma_rk	Respond to of 20297

Is it at all possible that whatever buys were executed (by whoever) in the past couple of weeks (in the low $30's) was being held in anticipation of some upward price movement at the completion of the roadshow and secondary? Being that the appreciation didn't happen, those shares are being sold off now at a healthy six point (or so) gain, and in fact very FEW of the folks that bought into the secondary are flipping out (why would they, anyway, considering that they would have an instant loss on the secondary)...? rk

To: micny who wrote (6603)	6/22/1999 10:38:00 AM
From: David H. Zimmer	Read Replies (2) \| Respond to of 20297

The basis of the offering being complete becomes secondary to the maintenance of an orderly market. You must remember that the underwriters had a concession of $1.95, in other words, they paid $37.05 for their shares, inclusive of the green shoe, Merrill was in the driver's seat this morning. They had a great deal of room in this offering and clients, large clients that they needed to protect, i.e., by buying additional shares at a lower price to lay off to the better institutions. They did so professionally and at a minimal cost to the underwriting. Besides, these whores shorted several hundred thousand shares over the last month and had plenty of room to cover. In situations like this one must look to see where the selling stops, that was around 10:20 AM -- from here, if the stock closes above the offering price, and even more so, above yesterday's close, we see the 50 day moving average before Friday.