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Technology Stocks : ITURF Inc. ( NASDAQ:TURF ) -- Ignore unavailable to you. Want to Upgrade?

To: drakes353 who wrote (259)	4/28/1999 12:57:00 PM
From: DAK7	Read Replies (1) \| Respond to of 614

Anybody have any idea what the institutional participation was like in the IPO? Not surprised that TURF failed in the low forties yesterday, I think some of the longs that got trapped after the sell-off down to the twenties were anxious to get out. I'm looking forward to initiation of coverage next week. There isn't really anything like TURF out there to buy. With more IPO's coming a strong underwriting group and respected analyst coverage will make the difference in some these stocks. BT, H&Q, along with JPM, etc. should get this stock the attention it deserves. I hear earnings should also be coming soon. Appreciate any feedback. Good luck.

To: drakes353 who wrote (259)	4/28/1999 1:02:00 PM
From: Jason Compson	Read Replies (1) \| Respond to of 614

With the possible exception of UIHIA (which I keep telling myself to look at but always find an excuse not to), I believe that your additional examples can be distinguished from DLIA/TURF. Your examples (excluding, I think, UIHIA) involve minority investments. In the case of a minority investment in a company in which the investing company has a very low basis, a 40% discount seems entirely appropriate. TURF/DLIA, however, are part of the same tax consolidating group. That makes it much easier for the parent company to close the value gap (i.e. no messy capital gains taxes to the company or taxes on dividends to the shareholder). As to your second point, why would the discount close in anticipation of TURF street coverage? Wouldn't that have the opposite effect?