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To: RWReeves who wrote (280)	12/23/1999 3:24:00 PM
From: Mike McFarland	Respond to of 743

If the ariad warrants traded like a call option, what would the price be? I don't do options anymore, maybe that is why I like to do my gambles with kdus, ariaw and the likes...but seems to me maybe something like this, and keep in mind I'm eyeballing this after the my latest bout of shiftwork insomnia: aria...ariaw 2....1/4 4....1/2 6....1 8....$2 20...??? at least $12, that portion which is in the money, plus a little premium right? So, if aria doubles from here, the warrants also double--but if ariad is a ten bagger and goes to $20, the warrants, I submit, will have done quite a bit more than 10x--they trade at 1/4 today. Yes...this is foolishness, yeah...I have an interest in promoting the warrant foolishness, but no worries, *I would never propose that ariaw is a reasonable* speculation** <g> ...but there are plenty of unreasonable speculations on Wall Street. If you are going to short something, I'd do a few of the internets that deflate as Ariad and the likes inflate. All that said, I have a target price for Ariad of $5 and would be very happy to get 1/2 for my silly warrants.