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Article: Stock Price of Dublin, Calif.-Based Online Lender Shows Market Perils.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 12, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Aug. 13 -- Tara Kelly bought a condominium time share at a Mexico resort one month after her employer, E-Loan Inc. of Dublin, offered its stock to the public. Her stock options, which she could cash out next year, tripled in value. She'd have no trouble paying, she thought.
Moments after signing the papers, she settled into a bar and spotted a newspaper. Kelly flipped to the financial pages and discovered that since she last checked E-Loan's share price a few days earlier, it had dropped from $44 to $25.
"We were shocked," Kelly said. "I assumed it would have gone up. I still won't have a problem paying. But ...