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Technology Stocks : Leap Wireless International (LWIN) -- Ignore unavailable to you. Want to Upgrade?

To: JGoren who wrote (66)	9/24/1998 4:24:00 PM
From: JGoren	Respond to of 2737

Looks like high of the day is 9 and close at 8. That would make the average price between the low and the high, $6.875 (9-4.75) Stock opened at 4.5 but the low was 4.75. Qcom dropped 2.0 points. One interpretation of the day's activity was that Qcom dropped in the afternoon when there was a disparity between the prices of the two stocks; the arbitrageurs stepped in. At the end of the day, there was parity. LWIN closed at $8, which is equivalent to $2 per share of Qualcomm (8/4), and Qualcomm dropped $2.00, which is one-fourth of $8. Therefore, a zero sum game at the end of the day--except for the tax hickey on Leap shareholders.