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To: Glenn D. Rudolph who wrote (51330)	4/19/1999 12:28:00 PM
From: H James Morris	Respond to of 164684

Glenn, here's to top performing top 10 elephants. Now you can see why I love my MS stock. Not the company, just their stock. >>Whose IPOs Performed Best? Top 10 IPO underwriters since the beginning of 1998 and performance of their new issues Avg. % Chg. of Underwriter's IPO Underwriter Amount (billions) No.of Deals % Share First Trading Day Through Friday Through Friday (excl. first day) 1 Morgan Stanley Dean Witter $12.21 32 19.5% +65.0% +175.1% +45.5% 2 Merrill Lynch 11.24 22 17.9 +38.0 + 78.5 +16.7 3 Goldman Sachs 7.52 32 12.0 +49.8 +292.9 +61.8 4 Credit Suisse First Boston 4.98 23 7.9 +31.4 + 61.6 +26.5 5 Warburg Dillon Read 3.91 2 6.3 +21.8 + 12.6 - 7.3 6 J.P. Morgan Securities 3.40 6 5.4 +64.9 + 97.1 +14.8 7 Salomon Smith Barney 3.38 30 5.4 +14.0 + 34.5 + 1.3 8 Donaldson, Lufkin & Jenrette 1.82 21 2.9 +15.0 + 25.9 -15.2 9 Bear Stearns 1.74 21 2.8 +53.6 +104.0 +20.1 10 BT Alex. Brown 1.63 22 2.6 +50.5 + 66.4 +19.4 Amount (billions) No.of Deals % Share Total deals for top 10 $51.82 200 82.7% Total deals for all firms $62.64 487 100% Note: Deals led jointly are included in both underwriting totals. Oh did you see this too? But the happy days rarely last forever. Even Morgan Stanley Dean Witter & Co.'s bullish Internet analyst, Mary Meeker, cautions that there are only three really big winners, on average, among each year's technology IPOs. Some of the most recent new Internet issues, she says, "may be getting ahead of themselves. Because of this euphoria and enthusiasm, the valuations keep getting higher and higher. That is a disconcerting trend." If you can't get shares at the offering price, you should lower your expectations on the performance you're likely to get.