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

To: Alper H.YUKSEL who wrote (27059)	12/29/1998 11:55:00 AM
From: LLCF	Read Replies (2) \| Respond to of 32384

< Internet stocks are owned by individuals to a very large extent. I wonder what would happen once the majority of the institutions decided that Internet is indeed here to stay.> Believe me they know!!! Wait to you see how many internet retailers go public next year! I say buy FDX. DAK

To: Alper H.YUKSEL who wrote (27059)	12/30/1998 3:36:00 AM
From: Alper H.YUKSEL	Respond to of 32384

ON TOPIC (SORT OF) excerpt from FROM WSJ Dec. 30, 1998 The best parallel to the Internet mania was the craze of biotechnology stocks in 1991-92. These were companies that similarly rarely had revenue, let alone earnings, and therefore defied standard valuation efforts. According to Securities Data Co., 101 biotech companies went public in 1991 and 1992, raising $4.4 billion. Only 44 are still trading. By comparison, Securities Data counts 73 Internet companies that have gone public since the beginning of 1997, raising $4.6 billion. (AOL and Yahoo have been public for more than two years.) But by one measure, the Internet mania has been far more intense: Internet shares have gained an average of 38% on their first day of trading, compared with the 7.5% average for biotech companies, Securities Data calculates. One lesson of the biotech and other technology manias, Mr. Kerschner wrote, is that "too much will be paid for even the best companies." He noted that Amgen, the leader of the biotech group, didn't sustainably break its end-of-1991 level until 1995. (In an eerie parallel to America Online, Amgen entered the S&P 500 on the last day of 1991.) "Amgen was a great company but an overpriced stock."