Scrumpy and all: did you see this upgradae for NITE this morning?
Yes!!!!
News Story
NITE - NASDAQ
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/
TO BUSINESS AND TECHNOLOGY EDITORS:
E*OFFERING's E*Financial Services Analyst Gary R. Craft, CFA
Initiates Coverage on Knight Trimark (NITE) with a Buy Rating
SAN FRANCISCO and NEWPORT BEACH, Calif., July 12 /PRNewswire/ --
E*OFFERING's E*Financial Services Analyst Gary R. Craft, CFA has initiated
coverage on Knight/Trimark (Nasdaq: NITE) with a Buy Rating. Knight/Trimark
is a risk-bearing market maker. In addition, it is the leading Nasdaq market
maker and, through its Trimark subsidiary, the leading third-market market
maker (in listed securities).
According to Craft, "Any investor, analyst, portfolio manager,
institutional salesperson, or market observer cannot avoid this company. Due
to its increasing market share, it is ubiquitous in the U.S. equity markets.
In top Internet shares, Knight captures as much as 2-3 times the market share
of the closest competitors, which invariably prove to be Schwab's
market-making facility and Herzog. We believe the Street continues to
underestimate the power of Knight's network-like model, where the greater the
customers/order flow, the better the service, pricing, and profitability. We
are comfortable with a $90 price target, or 45 times Year 2000 EPS estimates.
Though our estimates are now high on the Street, we believe the incredible
success of its 1Q:99 results will carry through at least 2Q:99, and Street
estimates could once again move higher."
Craft bases parts of his investment thesis on Knight/Trimark on his recent
publication on U.S. equity market liquidity. Visitors are welcome to review
this report, titled "HEAD WEST (THAT'S SOUTHWEST): A Blueprint of Challenges
and Opportunities in Today's Equity Markets," as well as his research on
Knight/Trimark at the E*OFFERING website, eoffering.com.
E*OFFERING, the online investment banking firm funded in part by E*TRADE
Group, Inc. (Nasdaq: EGRP) and Sandy Robertson, founder and former CEO of
Robertson Stephens & Co., provides full service investment research and
capital markets capabilities to institutional and individual investors.
This report is available at eoffering.com
E*OFFERING maintains a market in the shares of Knight Trimark. E*OFFERING
is a member NASD/ SIPC.
Additional information is available upon request.
SOURCE E*OFFERING
/CONTACT: Gary Craft of E*OFFERING, 415-835-1515/
/Web site: eoffering.com |
