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To: John Arnopp who wrote (1156)2/25/1998 1:07:00 PM
From: David Lawrence  Respond to of 4467
 
I may have gotten carried away with the spike theory. Divided paying stocks "work their way up" to the dividend date, and then correct in on day when they go ex-dividend. Your theory of sellers on the last day of pre-rights trading makes more sense. They've already captured the "value" of the offering, and are cashing out of it.

If we're holding for the long term, the point is moot.