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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: shasta23 who wrote (12035)	12/4/1997 6:37:00 AM
From: Henry Niman	Respond to of 32384

Stefan, Before the close, the bid size was displayed at 10,000 for 13 3/8. This means that the MMs have a 10K buyer and if you are willing to sell at 13 3/8, you can immediately get a 10K order executed. After the close, a 10K trade at 13 1/2 was executed. Even though it was in the middle of the spread, I would call it a buy because it matched the size of the bid price. The figures that you listed were actual trades (not just quotes), which is why the volume continued to go up after 4:00 (but the closing price remained the same, which was 13 5/8). As far as the closing bid/ask is concerned, you don't have to recall anything. They are both displayed at: quote.com The latest bid was 13 3/8 for 10K which was displayed at 15:52:25 and the latest ask was 13 5/8 for 4K which was displayed at 15:52:13. If the listing is grey, its a bid or ask (bids that change in price are listed as upticks or downticks). Transactions with a black background are out of sequence or before or after hours. Trades that represent the low for the day are red, those that are the high are green. The first trades of the day are red, even if they are buys at the ask price.

To: shasta23 who wrote (12035)	12/4/1997 7:26:00 AM
From: Andreas Helke	Respond to of 32384

As far as I know there is no bid and ask in afterhours trades. Someone offers a trade and if he finds someone else who accepts the terms the trade will happen. Normal trading can be confusing too. If someone tries to trade inside the bid and ask this order will become the best bid if it is a buy order or the best ask if it is a sell order. Once the trade is executed the bid or ask move back to the real bid or ask provided by the market makers. An example: Was the recent lowest trade of LGNDW at $8 1/8 on 11/26/97 a buy or a sell? I know it was a buy because I bought them. But I suspect that I only got them at that low price because someone wanted to sell me his shares at $8 1/8. The real bid at that day was $8 and the real ask was $8 1/2. Once I entered my limit buy at $8 1/8 my order represented the best bid and therefore the bid moved from $8 to $8 1/8. After sitting on the Island system for a few hours I finally found someone who was ready to sell me his shares and the trade was executed. And when that happened my offer no longer existed as best bid and the bid dropped back to $8. You can still see the trade in a 60 minute chart at quote.com Andreas