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Biotech / Medical : Cistron Biotechnology(CIST)$.30 -- Ignore unavailable to you. Want to Upgrade?

To: Steve Harmon who wrote (1460)	10/2/1998 2:48:00 PM
From: Steve Harmon	Read Replies (1) \| Respond to of 2742

500,000 share repurchase...

To: Steve Harmon who wrote (1460)	12/10/1998 9:12:00 AM
From: Walter Morton	Read Replies (1) \| Respond to of 2742

I called a friend that use to work for Merril Lynch and asked why a companies stock price would sell for less than book value. Without knowing what stock I was speaking of, he said that usually occurs when a company has a lot of assets but has not had a profit for several years and is not expected to have a profit within the next fiscal year. Then I asked, well why is it that a company that does not have many assets and has not even sold a product can have a stock price that is higher than the company that has assets and sales. His response was that the market believes that the latter company has growth opportunities. Even before I spoke to him, those were the reasons that I wanted CIST to buy HMGN.