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

To: Wallace Rivers who wrote (24177)	8/8/1998 11:54:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Wallace, There is really no need for hypotheticals. Anyone with JAVA activated in their browser can go to quote.com and by putting LGND into the symbol box they can see the last 12 trades. They are even color coded to help you out. There were 7 trades in the final 22 seconds before the close. The one at 15:59:38 was at 9 15/16. the next 5 were at 10 (they are listed in green because at the time, 10 was the high for the day). The last trade was at 10 1/4 (also in green because it became the high for the day) which is LGND's close. After the close there are 5 trades in black (because they were after the close and don't affect LGND's closing price and don't show up on LGND's chart, but do affect its volume). All but one is at $10 (and they are all 2000 shares or less). The one larger trade is 7900 at 10 1/4. This trade was not "out of sequence" because it is label as frmT (as are the other after hour trades). Trades that are out of sequence are labeled as "late". Sometimes they look odd because they were executed at an earlier time at a price that was within the bid and ask at the time of execution, but out of place when reported. Since the last trade before 16:00 was at 10 1/4, the after hours trade would not have been at an odd price. However, I believe that it was higher, because the MMs ran out of sellers at prices below $10 (and I wouldn't be surprised if the 100 shares at 10 1/4 at the close was part of the 7900 shares filled at 10 1/4 after the close - charts of LGND's action would only show 100 shares, not 8000 and tables will show the last trade as being 100 shares at 10 1/4 when it was probably 8000 shares at 10 1/4- thus the MM is able to "hide" the 8000 shares sold at 10 1/4).

To: Wallace Rivers who wrote (24177)	8/8/1998 1:21:00 PM
From: tonyt	Respond to of 32384

> but maybe it was purely a late print. Probably. There was no reason for LGND to trade 'after hours' (MSFT, this ain't). Anyway, remeber the last time we saw all this 'after hours' activity?

To: Wallace Rivers who wrote (24177)	8/8/1998 3:43:00 PM
From: Henry Niman	Respond to of 32384

Wallace, It looks like your "hyopothetical", which has no support by the DATA, has now been elevated to probable fact: Message 5446836

To: Wallace Rivers who wrote (24177)	8/8/1998 4:21:00 PM
From: Henry Niman	Respond to of 32384

Wallace, Actually, you don't have to go to quote.com to look at the after hours block trading. A week earlier (on July 31) the same thing happened (with a 17.7K block trading at the high for the day a minute after the close) and the tape was actually uploaded: Message 5370539 Our famous naysayer was calling those trades at the high of the day sells before the tape was uploaded: Message 5368394 and a day earlier he admitted that he was clueless about what was happening: Message 5360308 Of course that didn't prevent him from saying that they were not buys :-): techstocks.com Sounds like the misinformation presses are really rolling now.

To: Wallace Rivers who wrote (24177)	8/8/1998 9:08:00 PM
From: Henry Niman	Respond to of 32384

Wallace, I had to go through quite a few Biotechs to find an after hours trade that was labeled "late". However, while punching in a number of symbols, I noticed that Friday afternoon saw a fair amount of after hours trading in several Biotechs (I believe that CNTO's kept going 4:20 and ICOS went until almost 4:30). I not sure why anyone would think that after hours trading was just for MSFT, especially when virtually all of their posts have to do with price. It's also curious that they would label trades in sequence as "out of sequence" and trades at the high for the day as sells. I wonder what he uses for his many price projections.