Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Cheryl Galt who wrote (25802)	9/28/1998 10:34:00 AM
From: tonyt	Respond to of 32384

As expected, the Market opened strong in anticipation of a rate cut tomorrow.

To: Cheryl Galt who wrote (25802)	9/28/1998 9:07:00 PM
From: tonyt	Read Replies (1) \| Respond to of 32384

*OT* Big news in the Financial Sector: (Will Abby now turn bearish??????) In a Remarkable Turnaround, Goldman Sachs Withdraws IPO By LYNN COWAN and DUNSTAN PRIAL Dow Jones Newswires NEW YORK -- Goldman Sachs & Co. made an unexpected turnaround Monday and decided to withdraw both its plan to incorporate and its initial public offering registration. The company will continue to operate as a partnership, and will elect a new class of partners, which it will announce in late October, according to a press release. "We're re-thinking the timing, not the underlying decision," said a Goldman spokesman. Goldman executives left the door open to the possibility of re-entering the IPO market someday, but with no definite plans. They cited the volatile state of global financial markets, particularly as they affected the financial services sector, as the main factor in their decision. "When markets and other conditions improve, our executive committee may propose a new plan of incorporation and public offering to the partnership for its approval," Co-Chairmen and Co-Chief Executives Jon Corzine and Henry M. Paulson said in a statement. Since Goldman decided to pursue a public offering of stock in mid-June, the stock market has plunged and many bond markets, including the market for emerging-market bonds, high-yield bonds and mortgage-backed securities, have cratered as investors have fled all types of risky securities. The flight to safety almost triggered the collapse last week of Long-Term Capital Management LP, a Greenwich, Conn., hedge fund that made big bets on exotic and somewhat less easily tradeable securities, such as Danish mortgage bonds. A consortium of 14 commercial banks and investment banks injected more than $3.5 billion in the hedge fund to prevent its collapse. Moreover, since Goldman decided to pursue the IPO, stocks of many its publicly-traded peers, including other financial-services companies, such as Merrill Lynch & Co. and Lehman Brothers Holdings Inc., are off more than 50% from their peaks earlier this year. Based on where financial stocks and the rest of the market were trading in the summer, Goldman had valued itself at between $25 billion and $30 billion -- a valuation that the investment bank knew it couldn't support by this month. Indeed, if Goldman went ahead with its plans for a public sale, it would have been unclear if investors would value the company at even $15 billion given current market conditions and the outlook for Goldman's profits in the months ahead, analysts say. Despite reporting solid third-quarter profits last week, Goldman itself indicated that its fourth-quarter profit outlook won't be nearly as sunny as its earnings in previous quarters this year.