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To: BW who wrote (9904)	12/11/2002 11:05:58 AM
From: Bucky Katt	Respond to of 48461

The Wall Street shuffle continues...The STX ipo another example just how the White shoes on the street screw the little guy. They took this turd private 3 years ago for $2 a share, and polished that turd right up!!!--To $12 bucks.. ...This is how it is done... Notice the past 2 days the up-action in Maxtor & Western Digital? Nice set-up!!! (OK, I made a few $ on those 2) Seagate IPO debuts below range IPO resists price pressure to go lower By Steve Gelsi, CBS.MarketWatch.com Last Update: 10:43 AM ET Dec. 11, 2002 NEW YORK (CBS.MW) -- Seagate Technology's initial public offering fell below its already lowered offering price in heavy volume amid downward pressure from traders on Wednesday. The Scotts Valley, Calif., company (STX: news, chart, profile) opened at $11.50 per share, below its $12 price. The stock dipped lower but then fought its way back to $11.51 in recent action. With more than 23 million shares trading hands, it's the most active stock on the New York Stock Exchange. Signs of a weaker open came when Seagate priced its 72.5 million shares at $12 each, below its $13 to $15 price range. It setting sail in rocky market waters. Seagate formerly traded under the ticker symbol "SEG" before being taken private two years ago in one of the largest such deals in high tech history. Silver Lake Partners led a group that paid about $1.9 billion for the company. Under its IPO price of $12 per share, Seagate is weighing in with a market cap of $5 billion. Insiders reportedly paid about $2 per share for the company. The deal didn't quite add up for some IPO investors, who attempted to bid the price down below $12 per share, said Sal Morreale, IPO trader for Cantor Fitzgerald. Current shareholders in Seagate are listed as Texas Pacific, August Capital, Goldman Sachs and J.P. Morgan Partners. In October, Seagate reported fiscal first-quarter results, including shipments of 16.7 million disk drives, revenue of $1.6 billion, up from $1.3 billion, and net income of $110 million, up from $34 million. Steve Luczo, 45, former senior managing director of Bear Stearns' global technology group, is chief executive officer at Seagate after coming to the tech firm in 1993. A bevy of bankers worked on the hefty IPO, which is the largest U.S.-based technology stock debut of the year. Goldman Sachs (GS: news, chart, profile) and J.P. Morgan (JPM: news, chart, profile) acted as co-lead managers.