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Technology Stocks : Gemstar Intl (GMST) -- Ignore unavailable to you. Want to Upgrade?

To: tekboy who wrote (3225)	7/3/2000 11:12:38 AM
From: JH	Read Replies (2) \| Respond to of 6516

Subject: TVGIA + GMST merger The conversion discount is currently at 19%. The market is signalling the following: 1) that the level of uncertainty for the merger is high. Historically, the discount have peaked at 20% before reversing. This happened at the beginning of February, beginning of April, and NOW, at the beginning of July. There seems to be a pattern here... (The discount narrowed to around 3% in Feb/Mar. In Apr/May, the discount narrowed down to around minus 1%) 2) that the arbs who were long TVGIA and short GMST have been either reversing their positions, or adding to the "short TVGIA long GMST" positions The upshot: if you believe that the merger still has a decent chance of consummating, this may be a pretty good time to sell your GMST and replace them with TVGIA.

To: tekboy who wrote (3225)	7/5/2000 3:37:16 PM
From: Raymond Clutts	Respond to of 6516

With respect to your note referencing Fidelity as the second largest institutional holder of GMST. You may also note that the most recent pop came with just two days left prior to the end of the second quarter and that most of these gains were promptly given back within two days after that quarter had ended. Market manipulation pure and simple without any relevancy to anyone who buys and holds for longer term advantage but still a very blatant example.