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Subject: EDGAR Online SECrets Newsletter 6/12/00
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You are receiving this newsletter because you are a
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EDGAR Online's SECrets Newsletter
Editor: Tim Middleton, EDGAR Online Analyst
editor@edgar-online.com

SECrets, published every Monday, is written
by EDGAR Online Analyst, Tim Middleton.  Tim has covered
business and financial topics for The Wall Street Journal,
The New York Times, Dow Jones News Service and
Crain's New York Business.  Twice nominated for the
Pulitzer Prize in investigative journalism, his weekly
business reports can be heard on WCBS Radio and Microsoft
MoneyCentral Radio.

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----------------------------------------
***QUESTION OF THE WEEK***
----------------------------------------
QUESTION: What are "blue sky" regulations?

ANSWER:  When a company goes public, it
must file a registration statement
with the Securities and Exchange
Commission, which regulates the federal
securities laws.  Also, each state has
its own set of regulations - known as
"blue sky laws."  Thus, before a company
can sell stock in particular state, the
securities must be "blue skied."  The origin
of the phrase comes from the late 1800s,
when a judge compared an IPO to the value
of a section of the blue sky.

/------ADVERTISEMENT----------------------Purchase Business/Credit Reports 
from Dun & Bradstreet
on over 11 million U.S. businesses. Click on the
"Resources" link when you look up SEC filings for any
public company, or search by company name and state at
http://www.edgar.telebase.com.
\-----------------------------------------/

----------------------------------------
***ON THE INSIDE***
----------------------------------------
Ariba Inc. (ARBA) helps manufacturers like DuPont and
distributors like FedEx streamline purchasing with
procurement software, but corporate insiders have been
doing far more selling than buying of their company's
stock.

A rash of insiders have filed Form 144 in recent days,
weeks and months, notably co-founder and Chief Financial
Officer Edward Kinsey. On June 6, he filed to sell 90,000
shares valued at $5.0 million, or $55 a share, through
Morgan Stanley Dean Witter, lead underwriter of Ariba's
IPO one year ago. May 30 he filed to sell 100,000 shares
for $7 million, and May 18 the Kinsey Family Foundation
filed to sell 14,000 shares for $1.1 million.

Marketing vice president David Rome filed to sell 150,000
shares for $10.5 million on May 30. Robert D. Lent, vice
president for corporate development, filed May 24 to sell
200,000 shares for $14.3 million.

The sales come long after Ariba's price peaked at $183.34
in early March, before the Nasdaq Stock Market plunged amid
the fallout over rising interest rates and concern about
soaring valuations. Back then insiders, who began to sell
immediately after the six-month lock-up on their shares
expired, were reaping far more from their sales: Rome, for
example, indicated in a February 1 filing he would sell
200,000 shares for $35 million.

Business-to-business is regarded as the hottest of the
Internet's hot spots, and Ariba as a leader in its niche.
The insider sales are tiny in comparison with the company's
235.8 million outstanding shares, but they make a dent in
the float -- more than two-thirds of Ariba's stock is owned
by insiders and institutions.

Recent Ariba filings:

Prakoon & Emily I. Chen Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-100980

Craig Federighi Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-103530

Stuart R. Gold Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-102270

Alan Hibdon Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-99835

Velvet Higley Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-102724

Joshy Joseph Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-100489

Edward Kinsey Forms 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-103531
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-102418
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-99834

Robert D. Lent Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-100981

Ramae Ogilvie Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-102725

Chester B. Petrow Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-102420

David Rome Form 144
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-102419
http://www.edgar-online.com/auth/doctrans/default.asp?doc=B-80023

Form 8-K/A, March 8, 2000
http://www.edgar-online.com/auth/edgardoc/DocFrame.pl?doc=A-1084755-0000912057
-00-025127&fmt=text&nad=&x=37&y=17

Form 10-Q, May 15, 2000
http://www.edgar-online.com/auth/edgardoc/DocFrame.pl?doc=A-1084755-0000912057
-00-024553&fmt=text&nad=&x=38&y=16

NOTE: SEC regulations require corporate insiders -- defined
as officers, directors and persons or entities that own 10%
or more of any class of a company's shares -- to disclose
sales on Form 144.

********************************
----------------------------------------
*** IPOs  ON DECK FROM IPO EXPRESS***
----------------------------------------
Note:  Before a company can go public
(that is, sell shares on an exchange),
it must file an S-1 form with the SEC.
The S-1 document, easily accessible via EDGAR Online,
is extensive and includes such information as:
risk factors, financials, strategy, industry trends,
management bios, investors and more.

Accord Networks Ltd. of Petach-Tikva, Israel (ACCD)
http://www.edgar-online.com/ipoexpressn/company.asp?company=4771

EDGAR INSIGHT:  Accord Networks of Israel filed for an IPO on
June 8. Accord makes and distributes the MGC-100 networking
system enabling real-time interactive visual communications.
The system is deployed by providers and customers including
Microsoft, Deutsche Telekom and the University of Notre Dame.

Victory Entertainment of Orlando, FL (VICT)
http://www.edgar-online.com/ipoexpressn/company.asp?company=4770

EDGAR INSIGHT: Victory Entertainment, which filed for an IPO
on June 7, specializes in television and internet programming
and corresponding merchandise.  Among its planned projects is
NEXTBIGSTAR.com, an online talent search program hosted by Ed
McMahon, and several dramatic and animated series.

Inrange Technologies Corp. of Mt. Laurel, NJ (INRG)
http://www.edgar-online.com/ipoexpress/company.asp?ccompany=4763

EDGAR INSIGHT:  Inrange Technologies creates networking and
switching solutions for storage, data and telecommunications
networks.  The company, which filed for an IPO on June 5, has
installed its product at sites in more than 90 countries, and
customers include American Express, Bell Atlantic, Cisco Systems
and Delta Airlines.

WJ Communications Inc. of Palo Alto, CA (WJCI)
http://www.edgar-online.com/ipoexpresssn/company.asp?company=4760

EDGAR INSIGHT:  WJ Communications Inc. filed for an IPO on
June 2.  The company creates innovative broadband communications
products and has over 40 years of experience in developing radio
frequency products.  WJCI was founded in 1957 as the
Watkins-Johnson company, which dealt in defense and space
communications systems.

First Shares Bancorp Inc. of Greenwood, IN (FRSH)
http://www.edgar-online.com/ipoexpressn/company.asp?company=4327

EDGAR INSIGHT:  First Shares Bancorp Inc. announced June 6 that
it is priced for trading at $8.50 per share for up to 750,000
shares and trading will commence the week of June 19.  The company
owns all common shares of the First Bank of Indiana.

Charles River Laboratories Corp. of Wilmington, MA (CRL)
http://www.edgar-online.com/ipoexpressn/company.asp?company=4611

EDGAR INSIGHT:  Charles River Laboratories filed a June 6
pricing of $15-$17 per share for 12.5 million shares.  The
company, which provides research tools and support services,
plans to use IPO proceeds to pay off debt.

Cooperative Holdings Inc. of Belleville, NJ (CCII)
http://www.edgar-online.com/ipoexpressn/company.asp?company=4538

EDGAR INSIGHT:  Cooperative Holdings was priced on June 5 at
$9-$11 a share for 6 million shares.  The company provides
telecommunications services and DSL to New Jersey and looks
to expand to the Mid-Atlantic market.  It currently has more
than 7,500 small business customers.

/----------ADVERTISEMENT--------------------Subscribe to IPO Express and you 
can receive company
reports, Daily wrap-ups and Weekly summaries of the IPO
market sent direct to your desktop.

Go to http://www.ipo-express.com.com
for more information.
\-------------------------------------------/
---------------------------------------
**RECENT IPOs FROM IPO EXPRESS**
----------------------------------------

UbiquiTel Inc. of Bala Cynwyd, PA (UPCS)
http://www.edgar-online.com/ipoexpressn/company.asp?company=4382

EDGAR INSIGHT:  UbiquiTel, which began trading on June 7, is
the exclusive provider of Sprint PCS services to approximately
7.7 million people in small western and Midwestern U.S. markets.
It was priced June 7, 2000, at $8 per share for 12.5 million
shares. The company had originally planned to release 14.5
million shares.

Founders Food & Firkins Ltd. of St. Louis Park, MN (GCFB)
http://www.edgar-online.com/ipoexpressn/company.asp?company=4084

EDGAR INSIGHT:  Founders Food & Firkins Ltd. began trading
June 7 at $4.13 per share for one million shares.  The company
operates the Granite City Food & Brewery Restaurant in St. Cloud,
Minnesota, and hopes to use IPO funds to fund two additional
restaurants in North and South Dakota.

Exult Inc. of Irvine, CA (EXLT)
http://www.edgar-online.com/ipoexpressn/company.asp?company=4340

EDGAR INSIGHT:  Exult Inc. began trading on June 2, at $10 per
share for 6 million shares.  The company's eHR service is designed
to manage the human resource departments for Global 500 companies.
The company, which was originally called BPO-US, plans to use
the IPO proceeds to fund corporate expenses and as working
capital.

To view all recent IPO filings:
http://www.edgar-online.com/ipoexpress/recent.htm

To access over 2,500 IPO  Filings and
Information on over 1,500
Underwriters, click over to EDGAR
Online's IPOExpress:

http://www.edgar-online.com/ipoexpress
----------------------------------------
}**COMPANIES MENTIONED IN THIS ISSUE***
Accord Networks Ltd
American Airlines
Ariba Inc
Bell Atlantic
Charles River Laboratories Corp
Cisco Systems
Cooperative Holdings Inc
Delta Airlines
Deutsche Telekom
DuPont
Exult Inc
FedEx
First Banc of Indiana
First Shares Bancorp Inc
Founders Food & Firkins Ltd
Inrange Technology Corp
Microsoft
Morgan Stanley Dean Witter
UbiquiTel Inc
University of Notre Dame
Victory Entertainment
WJ Communications Inc

----------------------------------------
**PEOPLE MENTIONED IN THIS ISSUE***
----------------------------------------
Prakoon & Emily I. Chen
Craig Federighi
Stuart R. Gold
Alan Hibdon
Velvet Higley
Joshy Joseph
Edward Kinsey
Kinsey Family Foundation
Robert D. Lent
Ed McMahon
David Rome

 ----------------------------------------
Copyright 2000, EDGAR Online
http://www.edgar-online.com
-----------------------------------------

DISCLAIMER: The EDGAR Online report
contains observations of its editor
Tim Middleton, a consultant of EDGAR
Online and is for informational purposes
only.  These statements and expressions
are the sole opinions of Mr. Middleton and
EDGAR Online does not endorse nor
necessarily agree on such statements
and expressions.  Factual statements in
this report are made as of the date
stated and are subject to change
without notice.  Nothing contained
herein shall be deemed to be
recommendations to buy, hold or sell
securities nor shall it purport to be a
complete analysis of the companies
mentioned.  While the information
contained in this Report and the opinions
contained herein are based on
sources believed to be reliable,
neither Mr. Middleton nor EDGAR Online
have  independently verified the facts,
assumptions and/or estimates that may
be contained in this Report. Accordingly, no
representation or warranty, expressed or implied,
is made as to, and no reliance should be placed
on, the fairness, accuracy, completeness or
correctness of the information and opinions
contained in this Report.

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