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To: getgo234 who wrote (58561)	5/25/1999 10:19:00 PM
From: Hobie1Kenobe	Respond to of 164684

Getgo, IMHO DLJ is "committed" barring a natural disaster to getting this deal done. If they pulled it tomorrow it would be a PR nightmare for the parent. I agree that the continued rush of internet IPO's (especially this DLJ tracking junk) is like rubbing salt in the wound, but until some sanity prevails in this space and the spigot is shut off, existing Net issues will suffer. I think a few more lukewarm receptions or outright failures will cause some of these issues to be reviewed, but I'm not holding my breath. Good trading!! JF3

To: getgo234 who wrote (58561)	5/26/1999 2:58:00 AM
From: H James Morris	Respond to of 164684

>>Can DLJ delay this IPO as late as tomorrow morning ? << I don't think Jamie Kerrigan will let them. I'm a Dlj client. Dlj is a slut. Now you know why I haven't left them. Ps Seriously, no! not in this case. DLJ Direct is a very profitable enterprise. I'm preferred so I already got some. Trust me on that.

To: getgo234 who wrote (58561)	5/26/1999 3:50:00 AM
From: H James Morris	Read Replies (2) \| Respond to of 164684

>> NEW YORK, May 25 (Reuters) - Donaldson Lufkin & Jenrette <DLJ.N> said Tuesday it would sell a stake in its DLJdirect online brokerage for $320 million, at the high end of its price range, the first of many stock offerings planned in the sector this year. DLJ said it had priced the 16 million shares to be sold on Wednesday at $20 each, the top end of the $18-$20 range set last week. On Friday, DLJ raised the price range by $5 and increased the number of shares to be offered by one million without explanation. The offering, representing a 16 percent stake in the country's seventh largest Internet broker, would value the entire unit at $2 billion. The stock that will track the performance of the unit is to start trading under the symbol "DIR" on the New York Stock Exchange, where Internet stocks have recently lost some of their luster. DLJ, which will retain an 84-percent stake in the unit, is expected to get $100 million from the sale of 5 million shares, while the unit is to get $220 million from 11 million shares. Based in Jersey City, N.J., DLJdirect had about 590,000 accounts and handled 20,000 trades a day in the first quarter. The high price of the DLJ offering notwithstanding, other signs are that the investment climate for Internet stocks has turned chillier, as prices have fallen from the lofty levels they enjoyed in recent months. On Tuesday, as the Dow Jones Industrial Average fell for the second consecutive day the initial public offering of Barnes & Noble Inc.'s <BKS.N> online bookselling unit barnesandnoble.com <BNBN.O> failed to show the same explosive rise as recent Internet offerings, ending just $4.94 higher at $22.94 on the Nasdaq market. Other online brokers have also taken a beating. On Tuesday, Charles Schwab Corp. <SCH.N>, the largest of them all, ended $10.25 lower at $96.63, off 36 percent from its year high, while AmeriTrade Holding Corp. <AMTD.O> fell $11.56 at $81.88, down 53 percent from its high. But Steve Tekirian, an analyst for Standard & Poor's, said he expected the reputation of DLJdirect and its parent company to help it get a good start despite the market conditions. "There is a tremendous amount of credibility attached to it," he said. David Menlow, president of IPO Financial Network, a newsletter service, agreed. "I think it is certainly not going to have quite as big an opening as it would have had a few weeks ago," he said. "(But) I would view (it) as temporary." Another market observer said DLJdirect had a good image partly because its computer system had not broken down from overuse, as befell rivals such as E*Trade Group Inc. <EGRP.O>. DLJdirect's offering was also seen to be setting the stage for future offerings by other online brokers. Canada's Toronto-Dominion Bank <TD.TO> plans to sell 10 percent of its brokerage operations, which include Waterhouse Securities, the third largest U.S. Internet broker. And New England bank group Fleet Financial Group Inc. <FLT.N> is considering spinning off part of its online brokerage unit, known as Suretrade. DLJ and DLJdirect are managing the unit offering along with BT Alex. Brown, Goldman, Sachs & Co., Merrill Lynch & Co., Morgan Stanley Dean Witter and Salomon Smith Barney. 19:36 05-25-99<<