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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

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Aug 24 5:00 PM EST

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To: J Fieb who wrote (24157)	9/21/1999 12:59:00 AM
From: George Dawson	Read Replies (3) of 29386

Nasdaqtrader.com Comparison of Ancor and Brocade July 1999 August 1999 Total M(%) ECN(%) N(%) Total M(%) ECN(%) N(%) ANCR 24.3M 21(89) 8(8) 29(3) 30M 25(88) 8(9) 66(3) BRCD 4.2M 13(85) 8(13) 20(1) 14M 15(83) 9(14) 20(1) Where: M = Market maker ECN = ECN N = Non-registered MM TSO (total shares outstanding) are 25.5M for Ancor and 26.6M for Brocade. As we all know Brocade's float is low due to the lock up provisions of the IPO. I added up these numbers, to get an indirect estimate of day trader activity from ECN. ECN activity is higher for Brocade with lower activity by MM and Ns. The majority of the activity for both stocks is by MMs with much of Brocade's activity focused in MSCO (Morgan Stanley) which trades about 25% of the stock per month. With Ancor the majority is split between the top four MMs (NITE, MASH, MONT, DAIN). George D.

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