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To: NASDBULL who wrote (273)	2/12/1999 11:50:00 PM
From: debra vogt	Respond to of 489

When and at what price would you buy? Are you looking for a long-term Nasdaq correction? Thanks, Debra

To: NASDBULL who wrote (273)	2/13/1999 12:08:00 PM
From: xfiles	Read Replies (1) \| Respond to of 489

From Bloomberg, this AM: UIH Valued Less Than Subsidiary UPC After Initial Offering UIH Valued Less Than Subsidiary UPC After Initial Offering New York, Feb. 13 (Bloomberg) -- United International Holdings Inc.'s market value fell below that of its subsidiary, United Pan-Europe Communications NV after an initial public offering, and investors aren't pleased. United International, which owns 62 percent of UPC, the No. 1 Dutch cable-TV company, ended trading Friday with a market capitalization of $1.97 billion while UPC's was $4.8 billion. The value comparison was made possible after the Denver- based United International sold 38 percent of UPC in an IPO. The sale lured demand for 20 times what was offered, yet United International shares fell 11 percent to 48 5/8. At the same time, UPC rose 26 percent to 41 on its first day of trade. ''It's extremely strange to me that with the offering being so successful that United International would go down,'' said Cliff Greenberg, a principal in Baron Capital Management Inc., which owns about 6 percent of United International's common stock. Baron bought more shares Friday. ''Maybe someone is doing some incorrect math,'' he said. At UPC's closing price, United International's stake in UPC is worth $3.16 billion through the 77.1 million shares it continues to own in the company. That's still more than its own market value. Doesn't Make Sense United International executives said they had no reason why the stock would fall, and declined to comment further. At UPC, the reaction was the same. ''It doesn't make sense to me,'' said Mark Schneider, UPC chief executive. ''I don't see how that (United International's share price) can be as low as that.'' Speculation during Friday trading was that United International's shares fell as investors sold shares to invest in UPC, ananysts said. The reasoning was that UPC is a better investment as a pure cable company with opportunities in Europe. That still doesn't explain why investors overlooked the valuation gap between UPC and its parent. ''If UPC is up, how is it mathematically that United International isn't up,'' said Ted Henderson, a Janco Partners managing director of research who has a ''buy'' rating for United International. ''It makes for an interesting look at United International if UPC's price continues to hold up there,'' he said.