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Strategies & Market Trends : Value Investing

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To: jhelmers who wrote (12716)	6/30/2001 3:28:57 PM
From: Bob Rudd	Read Replies (2) of 78565

jhelmers - NITE: Retrospective valuation looks VERY attractive, but the GAME HAS CHANGED and prospective outlook seems very uncertain [WRHambrecht, an ardent follower, just dropped estimates and target]. The management shake-up doesn't help...the guys in charge look like traders out of their depth. NITE appears to be looking to change their business model as decimalization and trading activity have been unkind and ECN competition heats up. Best chance for nice pop on this would be merger/buyout, but a prospective buyer may find patience rewarding in terms of lower prices as business deteriorates. I'm torn between the retrospective value appeal and 'How are THESE guys gonna fix this?' going forward. What do you like about it and where do you see it going? bob List: quote.yahoo.com

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