Other than the decline in stock prices, last week's big news was the announcement of two six-million share follow-on offerings.

Seattle-based ICOS Corp. (ICOS) hired five investment firms to co-manage a six million-share offering (about 19 percent of the company). Co-managers include PaineWebber; Lehman Brothers; Robertson, Stephens; Gerard Klauer Mattison; and Seattle-based Ragen MacKenzie.