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

To: Wallace Rivers who wrote (24199)	8/8/1998 8:26:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Here is the DATA on LGND's last 12 transactions Friday afternoon. Why do you think that the 7900 shares went off at 10 1/4? Time Price Info Exch Size (background color) 16:03:43 10 frmT t 2000 black 16:02:04 10 frmT t 1000 black 16:01:50 10 frmT t 100 black 16:01:39 10 ¬ frmT t 7900 black 16:01:11 10 frmT t 1000 black 16:00:35 10 ¬ t 100 green 15:59:55 10 t 500 green 15:59:54 10 t 500 green 10:59:53 10 t 500 green 15:59:50 10 t 500 green 15:59:49 10 t 500 green 15:59:22 9 15/16 t 1400 white The trades that are green went off at the high for the day. The trades that are black went off after hours. These after hours trades do affect the day's volume, but they do not appear in the charts and do not affect the day's high, low, or close. LGND's summary tables for Friday show a 100 share trade at 10 ¬ as the final trade (which is green and time stamped at 16:00:35). The 7900 shares that happened 1:04 later at 10 ¬ is not stamped "late", which is how out of sequence trades are labeled in this format and trades at $10 happened before and after it. I think that the 100 shares at 16:00:35 and the 7900 shares at 16:01:39 were really an 8000 share order that went off at 10 ¬ because selling of large block below 10 had ceased. In addition, the 7900 share trade, like many trades over the past several trading sessions, represents buys at teh high for the day, which essentially "disappear" from historical representations of the trading activity. Thus, if you look at an intraday chart of Friday's action, the 100 shares at 10 ¬ will show up, but the 7900 shares at 10 ¬ will not.