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

To: Cheryl Galt who wrote (25782)	9/25/1998 2:25:00 PM
From: bluejeans	Read Replies (2) \| Respond to of 32384

Cheryl, The site tony posted has not been updated for the Sept. numbers. The Wall Street Journal Interactive has been updated, but it is clear the info is incorrect. 9/24 8/25 % avg.daily vl. LIGAND PHARM CL B 23,285 42,000,225 -99.9 9 000,300 Hope this clears up what I am trying to post.<G> Bob PS: It looks like the august numbers is total outstanding shares. I would expect the Sept number to be higher than 23,285 just because of Farallon shorts.

To: Cheryl Galt who wrote (25782)	9/26/1998 8:17:00 AM
From: tonyt	Read Replies (2) \| Respond to of 32384

I heard on Bloomberg Radio that there is expectation of a 1/2 point cut on Tues.

To: Cheryl Galt who wrote (25782)	9/26/1998 10:12:00 AM
From: Henry Niman	Respond to of 32384

Monday's Barron's suggest that a Prime Rate cut may also be coming (here's the beginning): September 28, 1998 Ready for Prime Time? The one rate that hasn't fallen could drop if the Fed cuts By Jacqueline Doherty When Federal Reserve Chairman Alan Greenspan broadly hinted last week that the central bank would lower short-term rates soon, Wall Street applauded. But on Main Street, when it comes to interest rates, the sound you've heard is one hand clapping. For while bond yields have plunged to lows not seen in more than a generation, the prime rate charged by banks has been stuck at a relatively lofty 8 1/2 % for more than a year and a half -- since it was raised to that level. But if, as expected, the Federal Open Market Committee delivers on the chairman's intimation of a cut in the overnight federal funds rate when the panel meets Tuesday, the broad decline in rates could finally trickle down to consumers and small businesses in the form a prime-rate cut. Banks may ignore the market in setting their lending charges, but they do take a cue from Greenspan & Co. In years past, the prime was what a bank charged on its best corporate customers' loans. All other loans were priced at some spread above prime. Indeed, at one time, the prime rate was the key benchmark that the proverbial man on the street -- and in the Street -- watched. Now, it's the Treasury's 30-year bond that everyone, from stock traders to the network newscasters, tracks. And while the long bond's yield has plunged to just over 5%, the prime is seemingly frozen.

To: Cheryl Galt who wrote (25782)	9/26/1998 10:17:00 AM
From: Henry Niman	Respond to of 32384

Another Barron's article suggests the market may be at a bottom (here's the beginning): September 28, 1998 The Yo-Yo Effect An indicator signals that stocks just could be ready to climb By Richard W. Arms Jr. What a crazy market! The Dow drops 512 points on August 31, only to chalk up a record advance of 380 a week later! In fact, on many days recently, the moves have been extraordinarily large. Swings between highs and lows of 300 points have become commonplace. Moreover, the volume numbers have been equally as startling. On September 1, for example, 1.2 billion shares were traded. And during August, the average daily volume jumped to over 723 million shares on the New York Stock Exchange alone. Now, in September, the average daily volume is running at over 800 million shares. But are these point swings and volume levels really extraordinary, and do they tell us anything about what to expect? In truth, the moves aren't unprecedented, but they do impart a great deal of information and, for a change, it should gladden the bulls. The numbers seem to be saying that the market is very oversold, and is ready for an impressive upward move. The indicator I'm examining here -- the relationship of price spread to volume -- is rather simple, but telling. It's certainly not as well-known as my Arms, or short-term trading, index, carried each week in Barron's statistics section. Looking at the width of the market swings, and how much volume is needed to produce them, paints a very accurate picture of investor sentiment. The very wide recent variations in daily trading probably reflect a highly emotional undercurrent. Investors are confused, and in their confusion they try to follow each market swing. A sudden upsurge convinces them that they're missing the boat, and they rush to buy. A rally that fizzles triggers equally emotional selling. The result is, of course, a widening of the spread -- the difference between the day's high and low. In the process, investors and traders generate a great deal of volume as they vacillate from wild bull to wild bear. The calculation, used to produce the accompanying chart, indicates how many shares of trading it takes to push the Dow through each point of spread. Historically, at market tops, a great deal of volume is needed to generate a wide price spread, while at market bottoms, very little volume is required to do so. The yo-yo spins fastest at the bottom. Perhaps fear is a more powerful emotion than greed. At tops, there is complacency and a feeling of security, so that emotional responses are muted. At bottoms, the market is in emotional turmoil, and prices swing widely. At that point, it takes very little volume, comparatively, to bring about big price moves.