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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Scrumpy who wrote (4860)	2/4/1999 7:30:00 PM
From: Nandu	Respond to of 13953

E*Trade has announced public offerings on both NSOL and TXCC. These are follow on offerings, so I don't think they are worth applying for. WATR, for example, priced last night at 24. I had given a limit price of 19 on my indication of interest, so I did not get any. Which is fine, since WATR stayed below 24 all through the day in the market, finally closing at 24 (which I am sure is manipulation). If you look at previous follow on offerings also, I think the pattern is similar. There is no advantage in getting it at the offering price rather than in the market. PRGX was offered at 34 on 12/14/98. It is now 32 7/8. What might make sense is to buy the stock on the open market before hand, wait for the runup to the offering day while the underwriters prop up the price and then dump it. Opinions?