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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (8225)	2/15/2000 9:02:00 AM
From: Katherine Derbyshire	Read Replies (1) \| Respond to of 10921

>>I have found quite often insider selling is no reflection of a peak. So if insiders cannot pick a peak - taking into account SEC rules - how can they judge when the stock is at a peak for a secondary offering?<< I would guess that personal considerations--portfolio diversification, need to get cash for a major purchase, etc.--play a much larger role in insider selling than in secondary offerings. Also, a secondary offering can take place at any time, while insider selling is highly restricted. Katherine

To: SemiBull who wrote (8225)	2/15/2000 6:41:00 PM
From: John Cuthbertson	Respond to of 10921

Re: stock offerings and re-purchases One paper on this subject is "Market underreaction to open market share repurchases" by David Ikenberry and co-authors, in Journal of Financial Economics, 1995. This article talks mainly about re-purchases, but offerings are basically the other side of the coin. Of course, re-purchases and offerings as buy and sell signals may work better in some industries than in others. Stock offerings may be a better source of information in stable or cyclical "value" industries than in "growth" industries. The semiconductor business has aspects of both! ==John C.