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Non-Tech : Knight/Trimark Group, Inc.
KCG 20.000.0%Aug 17 5:00 PM EST
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To: Gary Korn who wrote (4584)10/5/1999 10:09:00 PM
From: Herschel Rubin  Read Replies (1) of 10027
 
Gary,

Mention of the 8M share TD Waterhouse sale showed up on Bloomberg today after the close. Because you already indicated yesterday that the 8 M was sold last week,

Message 11438521

we know the sale already occurred. So your "heads-up" on the TD Waterhouse sale of 8 Million shares last week was timely.

Unfortunately, many people don't realize that the sale & the registration often happen on the same day, so people talk as if 8 M shares will be dumped soon.

That 8M share disbursement sure does explain some of the large volume and downward pressure last week. Waterhouse most certainly is in need of cash to keep up with the forthcoming competitive OLB advertising battle.

RE: Analysts... This has got to be the last few days of analyst's "adjustments" on NITE because most all the information about Q3 is known at this point. Most certainly someone's been accumulating at these levels. I can't imagine day-traders alone mopped up all that supply.

If the float is comprised of more long-termers who, at this point are well-informed about NITE's forthcoming Q3 results and are looking beyond the Q3 earnings announcement, then NITE should move up easily from here once accumulation is complete.
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