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Technology Stocks : KOSS CORP (KOSS) Sweet Music to My Ears
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To: Cary C who wrote (81)9/24/1997 11:28:00 AM
From: Rick Shaum, Jr.   of 105
 
I think that it's due to the new NASDAQ rules that force the mm's to show the best price available. This rule has been phased in over this past year beginning with about 50 of the most active stocks earlier in '97. Perhaps we've reached the deadline where now all NASDAQ stocks must be treated this way.

In essence, these offerings shown are investors like you and me expressing our views regarding how much we'd be willing to pay for KOSS or sell shares for.

I think this just went into effect for KOSS yesterday or today. My reason? I was the guy offering to buy KOSS at 12 15/16 this morning. I had a limit order for 600 shares at 12 15/16. That is exactly what was showing on the board. BARD (mm) was offering to buy 600 shares of KOSS at 12 15/16. When those 600 shares had been bought, it showed in my account that I had been the purchaser and BARD immediately reverted to the 12 1/2 price.

If you want to test my theory, place an order to buy or sell between the inside market and see if it then becomes the inside market. It's really quite interesting to watch. I've seen it in other stocks I trade but today was the first day I'd seen it in KOSS.

This should lead to more trading in KOSS since individual investors like us will be able to buy and sell at the prices we want to without having to only nibble at the fringes. But it will also lead to a little more volatility in the short term while everyone is figuring out what it means.

Other comments or observations on this new low spread?

Rick
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