zurdo,
Don't let the turkeys get you down. Don't know if you saw this, figured it might brighten your day.
Aloha "Sleepless in Seattle" Mike
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Knight/Trimark sees lower quarterly profits
October 11, 1999 11:17 AM
By Jack Reerink
NEW YORK, Oct 11 (Reuters) - Knight/Trimark Group Inc. NITE , the biggest market maker on Nasdaq, said on Monday that third-quarter profits would be sharply below analysts' estimates for the period.
The warning sent Knight/Trimark shares falling 4-27/64, or 15 percent, to 25-9/16 on Monday on Nasdaq.
Knight/Trimark, which processes many of the stock trades that individual investors make on the Internet, said it would report profits of 17 to 19 cents a share in the third quarter, well below the analysts' consensus of 30 cents. The company reported earnings of 13 cents a share for the third quarter of 1998.
The firm, based in Jersey City, N.J., attributed the shortfall to fewer trades from retail investors, less volatility in share prices and pricing improvements for customers.
Knight/Trimark, which will report quarterly results on Oct. 13, expects to report revenues of $138 million, up nearly 50 percent from $92.4 million in the same period in 1998.
"During the past quarter, there were decreased trading volumes and volatility as a result of lower retail volume and greater-than-expected seasonality in the marketplace," Knight/Trimark's Chief Executive Kenneth Pasternak said.
Merrill on Monday downgraded its rating on Knight/Trimark to near-term neutral from accumulate. |
