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Market Savvy : SAVVY CONFIDENTIAL / A Briefing for
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Ticker Talk

May 12, 2000|Bloomberg News, Reuters

Scratch another initial public offering off the calendar: American Greetings, the Cleveland-based card giant, said it withdrew its planned $60-million IPO of AmericanGreetings.com because of adverse market conditions. . . .

The National Assn. of Securities Dealers postponed next week's board election while regulators look into allegations that a faction supportive of the current NASD board got special assistance.

"We determined to make this extension when we learned that some of the candidates or their agents had access to an e-mail list of NASD members that was not accessible to other candidates," NASD counsel Edward Knight said. The questions about access to NASD's e-mail list swirl around a faction supportive of the NASD board and its plan for turning the Nasdaq Stock Market into a for-profit company. The faction says it obtained the e-mails from a third party, not directly from NASD.

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