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To: Wyätt Gwyön who wrote (76318)	7/12/2000 7:29:06 AM
From: William Hunt	Respond to of 152472

Verizon Taps Goldman, Merrill For IPO of Wireless Operation By SUZANNE MCGEE Staff Reporter of THE WALL STREET JOURNAL Verizon Communications Inc. has chosen Goldman Sachs Group Inc. and Merrill Lynch & Co. to lead the $15 billion initial public offering in the company's wireless business, in what would be the biggest initial public offering ever in the U.S., according to people familiar with the matter. These people say Verizon, which wouldn't comment, bypassed Citigroup Inc.'s Salomon Smith Barney and Morgan Stanley Dean Witter & Co., the two underwriters with which it has most recently worked. Last month, those two firms led the $1.91 billion IPO of stock in Genuity Inc., the Internet backbone business of GTE Corp. (GTE merged with Bell Atlantic Corp. at the end of June to form Verizon, now the largest U.S. local-phone company.) Genuity Struggles in Debut, Closing Below Offering Price (June 29) Bell Atlantic-GTE Merger Is Set to Receive Approval of the FCC (June 16) But that deal didn't go well: Priced at $11 a share, in 4 p.m. Nasdaq Stock Market trading Tuesday, Genuity was at $8.96875, off 3.125 cents on the day and down 18% from the initial price. Part of that poor performance has been tied to the difficulty the stock market has had in digesting big new offerings. Still, it was seen by investment bankers across Wall Street as a test of the underwriters' ability to execute a big transaction in difficult markets. The IPO will generate substantial fees for Goldman and Merrill -- ranked first and third in stock underwriting for the first six months of the year -- and allow the firms bragging rights for one of the biggest-ever stock issues. "It's the biggest landmark deal ever for our sector," said one telecom banker. "It's like the Holy Grail." The underwriting group as a whole, which also will include six co-managers, will divide as much as 7% of the total proceeds of the deal, or as much as $105 million. Of that, the two lead underwriters could earn $30 million to $40 million each, significantly more than six co-managers expected to be named to help peddle the shares. The loss of a leading role in the Verizon Wireless IPO may be particularly galling for Salomon Smith Barney, whose telecommunications analyst, Jack Grubman, is one of the industry's top rainmakers. In addition to the Genuity deal, Salomon was picked as one of three joint lead managers for April's $10.6 billion issue of tracking stock in AT&T Wireless Group. The other two lead managers on that deal were Goldman and Merrill. Salomon Smith Barney declined to comment; Morgan Stanley officials didn't return calls. People familiar with the Verizon transaction say Goldman was tapped for a leading role in part because of its close contacts with British wireless-phone powerhouse Vodafone AirTouch PLC, which owns 45% of Verizon Wireless. Merrill Lynch has been a longtime adviser to Bell Atlantic, which has a 55% interest in the cellular-phone business. Verizon and Vodafone were each given the right to select a banker to lead the deal, bankers say. The deal is expected to be completed shortly after Labor Day. BEST WISHES BILL PS Hoefully this is being use to upgrade a CDMA system to HDR

To: Wyätt Gwyön who wrote (76318)	7/12/2000 7:31:52 AM
From: foundation	Read Replies (1) \| Respond to of 152472

"I think you're off on this one." ---------- It's certainly happened before! Don't think YHOO has heft to pull NAZ up, or hold itself as high as post-market close - recall that YHOO closed Friday at about 119. So it is back to where it was last weekend. Will be interesting day. Don't think NAZ can hold the 83 that futures are presently up till close. Today will tell alot about remainder of summer. An hey, if I'm wrong, my account grows - if I'm right, it will be consolation for my losses! As close to a win-win as I'm going to see today! regards and luck, blg