1/20/00 - Robertson Stephens Reiterates Buy Rating on NITE
SAN FRANCISCO, Jan 20, 2000 (BUSINESS WIRE) -- Robertson Stephens Senior eFinance Analyst
Scott Appleby today reiterated his Buy Rating on Knight/Trimark Group (NASDAQ:NITE), after the
company reported better-than-expected fourth quarter earnings. Knight/Trimark Group Inc. is a market
maker in NASDAQ securities, other over-the-counter (OTC) equity securities, and equity securities listed
on the New York Stock Exchange and the American Stock Exchange in the Third Market.
"We are reiterating our Buy rating on Knight, after the company reported a very strong fourth quarter of
1999," said Appleby. "Earnings-per-share came in at $0.50 ($0.54 operating) and revenues of $256 million,
well exceeding our estimates of $0.40 and $215.5 million, respectively."
"Knight-Trimark executed 30.1 million trades in the fourth quarter, a 118 percent increase over the fourth
quarter of 1998," said Appleby. "In addition, 25.9 billion shares were traded, a 116 percent increase in
volume."
"We continue to believe that Knight/Trimark is one of the best positioned companies in eBrokerage," said
Appleby. "We believe there is considerable opportunity for upside surprise in revenues and
earnings-per-share as Knight/Trimark benefits from the secular growth of online investing, the options
market and burgeoning foreign operations."
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