Lookee here:
Merrill Lynch & Co. Introduces Internet Stock Basket Security
New York, Sept. 22 (Bloomberg) -- Merrill Lynch & Co., the biggest U.S.
brokerage, introduced a security that allows investors to own a basket of 20
Internet stocks.
The firm today sold 3.77 million of the shares, known as Internet Holdrs, for
more than $400 million through its broker network. ``The Holdrs
investment platform is designed to provide investors with a flexible,
cost-effective way to diversify their investment in a particular industry
through a single, exchange- listed security,' said Steve Bodurtha, director of
Merrill Lynch's customized investments group.
The most heavily weighted company in the new security is American Online
Inc., the No. Internet service provider, which comprises about 20 percent. At
Home Corp., Yahoo Inc. and E*Trade Group Inc. together account for about
40 percent.
The security represents ownership of all the underlying shares. Merrill will
allow investors to trade Holdrs shares for the underlying stocks, enabling
investors to sell all or part of their holdings.
The security will start trading tomorrow on the American Stock Exchange
under the ticker ``HHH.'
Other stocks that make up the underlying shares are: Amazon.com Inc., eBay
Inc., Priceline.Com Inc., CMGI Inc., Inktomi Corp., RealNetworks Inc.,
Exodus Communications Inc., DoubleClick Inc., Ameritrade Holding Corp.,
Lycos Inc., Cnet Inc., PSINet Inc., Network Associates Inc., EarthLink
Network Inc., MindSpring Enterprises Inc. and Go2Net Inc.
NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min.
Did we notice a pattern in these stocks today????? :) |
