About NITE...
Mar 22 2002
12:29 PM In Play Knight Trading (NITE) 7.36 -0.15: -- Update -- Hearing that Dow Jones is reporting that market-making was disrupted at Jersey City complex after nearby fire forced evacuation. Employees said to be returning to building.
Mar 22 2002
12:07 PM In Play Knight Trading falls to session low amid rumor of fire at Jersey City office (NITE) 7.37 -0.14:
Mar 1 2002
2:54 PM In Play Knight Trading downgraded by CIBC -- increased competition (NITE) 7.19 -0.77: -- Update -- CIBC World Mkts downgrades to HOLD from Buy, and firm slashing estimates to take into account the weak market environment and lower margins at Knight. CIBC's 2002 est cut to $0.47 from $0.90 and 2003 lowered to $0.85 from $1.10
Mar 1 2002
2:35 PM In Play Knight Trading denies rumor of SEC visit -- Dow Jones (NITE) 7.36 -0.60:
Mar 1 2002
1:39 PM In Play Knight Trading hit by chat room rumors (NITE) 7.40 -0.56: -- Update -- Hearing from sources that stock down on chat room rumors that a team of SEC investigators have paid a visit to NITE's offices. Sources telling us that their checks with NITE traders suggest that there is no truth to this rumor.
Mar 1 2002
1:34 PM In Play Knight Trading -- volume alert (NITE) 7.34 -0.62: Stock has fallen off a cliff over the past 20 minutes, falling from $8 level to an intraday low of $6.80.
Jan 16 2002
9:32 AM In Play Knight Trading (NITE) 11.89 -0.09: -- Update -- On conference call, company says it is seeing neutral to positive trends in market; if market remains stable or improves, NITE says earnings have potential to improve sequentially (no specific guidance given)
Jan 16 2002
6:59 AM In Play Knight Trading (NITE) 11.98: Reports Q4 net of $0.11 a share, $0.01 better than consensus, vs yr-ago EPS of $0.28. Rev fell 35% to $162.3 mln (consensus $172.8 mln).
Jan 7 2002
12:54 PM In Play Knight Trading (NITE) 13.73 +0.07 (+0.5%): -- Update -- Stock rallies to a new session high amid news that co has settled its case with the NASD; co ordered to pay a total of $1.5 mln in fines.
Jan 7 2002
6:57 AM In Play Knight Trading (NITE) 13.66: The NASD is set to announce as early as this week the results of a regulatory probe examining whether NITE engaged in a series of trading-rule violations that benefited the firm at the expense of investors during the late-90s, according to the WSJ.
Dec 18 2001
11:52 AM In Play Knight Trading (NITE) 11.53 -0.78 (-6.3%): -- Update -- Stock down on the CEO's retirement; trading floor sources at CIBC are telling us they are reiterating their Buy rating and $15 price target; thinks that there is some risk that retiring CEO will sell stock to finance his campaign for office in NJ, but firm is confident that NITE will earn $0.15 in Q4, (vs $0.09 consensus) and earn $1.00 in FY02 (vs $0.59 consensus).
Dec 18 2001
8:57 AM In Play Knight Trading (NITE) 12.31: Company announces that Chairman and CEO Kenneth Pasternak will retire on Jan 31, 2002; President and COO Peter Hajas will serve as interim CEO while the search for a new CEO is underway.
Dec 14 2001
2:57 PM In Play Knight Trading (NITE) 12.06 -0.20 (-1.6%): CIBC positive on NITE after co reported strong Nov trading vol; says co is making progress in the institutional biz and believes they will report $0.15 in Jan vs Street consensus of $0.09; firm's est for FY02 of $1.00 is also well above Street consensus of $0.59. Reiterates Buy rating with $15 price target.
Nov 30 2001
8:09 AM In Play Knight Trading (NITE) 10.92: JP Morgan upgrades to Long-Term BUY from Mkt Perform; believes recent pullback has created a better entry point, and that market environment has improved for NITE; raises Q4 estimate to $0.11 from $0.08 and believes $13 share price is very achievable.
Oct 18 2001
9:40 AM In Play Knight Trading (NITE) 10.30 -0.26 (-2.5%): Trades lower at the open after Robertson Stephens downgrades to MKT PERFORM from Buy; says shares are now trading in line with comparable companies that are not faced with as many near-term uncertainties.
Oct 4 2001
6:52 AM In Play Knight Trading (NITE) 8.57: Company warns that Q3 loss will be $0.02-0.04 vs Multex consensus of a $0.04 profit; cites lost trading days after Sep 11 attacks.
Sep 19 2001
8:46 AM In Play JP Morgan On Trading : JP Morgan downgrades E*TRADE (ET) to LT BUY from Buy and Knight Trading (NITE) and Ameritrade (AMTD) to MKT PERFORM from LT BUY. Firm concerned about loss of trading days and a decline in consumer confidence. Firm also trimming estimates on INET and TWE.
Aug 7 2001
8:27 AM In Play Knight Trading (NITE) 11.80: Plans to reduce its European workforce by 10%-20%... Separately, CIBC World Markets comments on widening of spreads over the past week following the implementation of SuperSoes; believes SuperSoes has and will continue to have a major positive impact on spreads, bolstering CIBC's confidence in 2002 earnings of $1.00.
Aug 3 2001
8:30 AM In Play Knight Trading (NITE) 11.84: -- Correction -- Business Week mention that NITE was a possible takeover target was from last week's edition.
Jul 31 2001
8:43 AM In Play Knight Trading (NITE) 10.44: CIBC World Markets upgrades to BUY from Hold and sets price target of $15; feels company can earn $1.00 a share next yr even without a market rebound; expects Q3 to be the inflection point.
Jul 27 2001
6:52 AM In Play Knight Trading (NITE) 10.30: Money manager thinks NITE is worth $18-$25 per share in a buyout, reports Business Week. David Katz of Matrix Asset Advisors wouldn't be surprised if rumored suitors Lehman Brothers or Goldman Sachs made a new approach to the company's CEO... Also mentioned this week were Thoratec (THOR) and Ryan's Family Steak Houses (RYAN).
Jul 18 2001
7:03 AM In Play Knight Trading (NITE) 9.51: -- Update -- Excluding charges of 7 cents, NITE earned $0.10 a share for the qtr, exceeding consensus by a penny.
Jul 18 2001
6:57 AM In Play Knight Trading (NITE) 9.51: -- Update -- Posts Q2 earnings of $0.03 a share (including items), vs yr-ago EPS of $0.53. Revenues fell 46% to $165.8 mln. As of July 1, company has revised its ''payment for order flow' schedules and is considering the introduction of fees for certain transactions.
Jul 17 2001
11:13 AM In Play Knight Trading (NITE) 9.80 -0.17 (-1.7%): Merrill Lynch lowers long-term rating to NEUTRAL from Buy following recent speculation that company's CEO, Ken Pasternak, may leave the firm. According to a WSJ article, the CEO may face pressure to leave the firm at today's Board of Directors meeting. Merrill thinks speculation creates greater uncertainty regarding NITE's strategic direction.
Jul 5 2001
6:35 AM In Play Knight Trading (NITE) 10.21: Reduces Q2 earnings outlook to $0.07-$0.10 from previous projection of $0.15-$0.20 (current consensus $0.10). NITE blames slowdown in trading and a decline in capital raising activities.
Jun 21 2001
10:29 AM In Play Knight Trading (NITE) 9.13 -0.84 (-8.4%): -- Update -- Banc of America Sec. downgrades to MKT PERFORM from Buy on announcement of executive resignations; believes this may be signs of problems in Europe; feels resignation of two top managers with substantial stock options suggests a near-term takeout is less likely.
Jun 21 2001
6:55 AM In Play Knight Trading (NITE) 9.97: Announces departure of two top executives. John G. Hewitt (Pres. of Knight Securities) and David Shpilberg (EVP, COO, CTO of Knight Trading Group) have left the company to pursue other interests. Company evaluating its cost structure; considering a 6% reduction in its domestic equities staff.
Jun 15 2001
11:11 AM In Play Knight Trading (NITE) 11.55 -0.71 (-5.8%): Salomon Smith Barney downgrades to NEUTRAL from Outperform.
Jun 14 2001
10:17 AM In Play Knight Trading (NITE) 12.40 -0.25 (-2%): Market maker's shares fall in sympathy with Charles Schwab (SCH) May monthly activity report.
May 11 2001
8:41 AM In Play Knight Trading (NITE) 18.94: Salomon Smith Barney downgrades to OUTPERFORM from Buy; expects decimalization to be a net near-term negative for principal traders like NITE, putting pressure on profitability; Nasdaq study on prelim. findings shows that avg. effective spread reduced by 46%.
Apr 26 2001
12:20 PM In Play Knight Trading (NITE) 18.10 +1.35 (+8%): Traders excited to hear that NITE buyout rumors have not died; issue has rallied to new session high as takeover rumors return to the trading floors; Citigroup (C) and HSBC being mentioned as bidders this time around; in November, Citigroup and Morgan Stanley were said to be entertaining the idea of a bid for the market maker.
Apr 18 2001
9:33 AM In Play Knight Trading (NITE) 16.30 +0.86: -- Update -- Company guiding down on conference call: sees Q2 EPS of $0.15-0.20 vs consensus of $0.21. ABN AMRO suspects the move to decimalization is at fault.
Apr 18 2001
7:03 AM In Play Knight Trading (NITE) 15.44: Reports Q1 earnings of $0.21 a share, exceeding reduced expectations by 3 cents, vs yr-ago EPS of $1.07. Revenues declined 56% to $225.6 mln. 'First quarter 2001 was the most challenging trading environment Knight has experienced...'
Apr 4 2001
6:42 AM In Play Knight Trading (NITE) 12 7/8: Market maker warns that Q1 net will fall in the range of $0.18-$0.20, compared to current mean estimate of $0.28. 'The market environment over the first quarter was the most difficult that Knight has encountered since our founding in 1995.'
Mar 30 2001
1:55 PM In Play Knight Trading (NITE) 14 5/8 -1/8 (-0.9%): ABN AMRO reducing Q1 estimate to $0.16 from $0.31 on view that Feb. and Mar. have been horrendous for Nasdaq market makers; firm reduces full yr view to $0.94 from $1.48.
Mar 2 2001
8:07 AM In Play Knight Trading (NITE) 17: ABN AMRO reduces Q1 and FY01 estimates by 7 cents each to $0.31 and $1.48, respectively; cites lower than projected trading volumes and impact of decimalization.
Feb 20 2001
10:01 AM In Play Knight Trading (NITE) 18 5/16 -1 7/16 (-7.3%): Stock gapped down ($17 7/16 open) in response to Keefe Bruyette report highlighting NITE's daily trading statistics for January, which firm says showed volumes down on both a month-over-month and year-over-year basis... Firm lowers rating on NYSE specialist firm, LaBranche & Co (LAB 49.88 -1.15), to UNDERPERFORM from MKT PERFORM.
Feb 2 2001
10:31 AM In Play Online Brokers Started : Banc of America Sec. initiates coverage of online brokerage sector; started with BUY ratings were TD Waterhouse (TWE 15.60 +0.55) and market-maker Knight Trading (NITE 22 11/16 -9/16); says sees Schwab-like revaluation of TWE shares coming; views NITE as the cheapest way to play the growth of electronic trading.... Initiated with MKT PERFORM ratings were EGRP, SCH, DIR, AMTD.
Jan 17 2001
6:44 AM In Play Knight Trading (NITE) 19 41/64: Share dealer on the Nasdaq posted a 44% decline in Q4 net income reflecting the index's sharp fall and the fact that investors have been sidelined.
Dec 4 2000
8:05 AM In Play Track Data (TRAC) 1: Knight Trading Group (NITE) to acquire a 1 mln share stake in company for $1.25 mln. Also receives a three-year option to acquire an additional two million shares of Track stock for $3.5 mln.
Dec 1 2000
9:19 AM In Play Knight Trading (NITE) 16 3/4: According to Bear Stearns Ripple Effect, Bear reduces its Q400 EPS estimate to $0.20 from $0.30 (First Call is $0.29); sees falling market share and less profits per trade, says that stock has an approximate floor of $10; reiterates NEUTRAL rating.
Nov 24 2000
12:42 PM In Play Knight Trading (NITE) 22 11/16 +2 13/16: Yet again, NITE is the subject of takeover rumors; trading floor sources suggesting that Morgan Stanley (MWD) and Citigroup (C) have been mentioned as possible suitors this time.
Nov 14 2000
9:54 AM In Play Knight Trading (NITE) 26 1/8 +1 (+4%): According to Robertson Stephens, market maker released October metrics data that suggest the quarter is tracking in line with expectations. Firm continues to see NITE as a potential takeover candidate with C, MWD and UBS the most likely suitors.
Oct 17 2000
2:00 PM In Play Knight Trading (NITE) 24 7/8 -2 1/4 (-8.3%): -- Technical -- Again flirting with a major support near 24 5/16 (May low). This is the third test this month, obviously not the kind of action that instill confidence in a lasting recovery. Penetration opens the door to the Oct 99 low at 21 11/16 with secondary floors at 20 and 17.
Oct 10 2000
8:41 AM In Play Online Brokers : Shares of E*TRADE (EGRP) and Ameritrade (AMTD) surge 15% in pre-market on news of Deutsche Bank bid for National Discount Brokers at a 94% premium. Also seeing strength in market-maker Knight Trading (NITE), which has been rumored as a takeover target.
Oct 4 2000
8:03 AM In Play Knight Trading (NITE) : -- Update -- Plunges to $23 1/2 in pre-market after issuing profit warning (see 07:20 comment). Also seeing weakness in online broker E*TRADE (EGRP), which has slipped 5%.
Oct 4 2000
7:20 AM In Play Knight Trading (NITE) 32 3/16: A day after ABN AMRO downgrades stock and slashes estimates, NITE issues a Q3 earnings warning. Market maker sees Q3 earnings of $0.13-$0.16 a share vs Zacks mean of $0.36. (NITE says its previously target range of earnings was $0.22 to $0.27). Attributes weakness to less volatility in the market, as order flow moved to highly liquid securities.
Oct 3 2000
8:18 AM In Play Knight Trading (NITE) 34 3/8: ABN AMRO downgrading to OUTPERFORM from BUY. Firm lowers Q3 earnings projection to $0.22 from $0.35 (vs mean of $0.36), saying that low volatility and weakness in smaller cap technology and internet sectors has negatively effected NITEs revenue per trade..... NITE shares trading at $34 1/8 in pre-market.
Sep 28 2000
1:14 PM In Play Knight Trading (NITE) 34 13/16 +1 (+3%): Market maker's shares run to new session high, propelled by Red Herring article suggesting that if company is taken out, NITE could command $45-$55 per share.
Sep 21 2000
3:39 PM In Play Knight Trading (NITE) 37 1/2 +7/8 (+2.3%): Stock races out of the red as more rumors hit the market that company is close to completing a deal to be acquired.
Sep 20 2000
11:19 AM In Play Knight Trading (NITE) 36 1/4 +15/16 (+2.7%): Gaining ground amid reports company has hired Robertson Stephens as an investment advisor.
Sep 14 2000
12:03 PM In Play M.H. Meyerson (MHMY) 6 19/32 +13/16 (+14%): Buyers returning to issue following WSJ report that both Morgan Stanley Dean Witter and Salomon Smith Barney have shown interest in Knight Trading (NITE). As mentioned yesterday, MHMY is also a market maker in Nasdaq and NYSE stocks.
Sep 14 2000
7:38 AM In Play Knight Trading (NITE) 36 1/16: WSJ reports that market maker has received expressions of interest from several potential buyers, including Morgan Stanley Dean Witter and Salomon Smith Barney. NITE shares soared 22% yesterday amid takeover speculation.
Sep 13 2000
10:51 AM In Play Knight Trading (NITE) 37 7/16 +8: -- Update -- Ameritrade (AMTD +1 11/16) and ETrade (EGRP +1 3/16) own stakes in NITE, but relative to their market caps, the ownership positions are quite small (added value of stock from today's 8 pt move in NITE shares appears to be about $65 mln for AMTD and $40 mln for EGRP).
Sep 13 2000
10:47 AM In Play Ameritrade (AMTD) 21 5/16 +2 1/16 (+10.7%): -- Update -- Appears that investors pushing AMTD in sympathy with Knight Trading (NITE 37 15/16 +8 1/2) based on the former's financial stake in the latter. AMTD said to own approx. 6% of NITE.
Sep 13 2000
10:08 AM In Play Knight Trading (NITE) 33 3/8 +3 15/16 (+13.4%): -- Update -- Two rumors currently making the rounds in the marketplace: 1) Company in talks to be acquired by Morgan Stanley Dean Witter (sources note Morgan usually makes a market in NITE shares but isn't today); 2) Company may need to adjust financials to reflect accounting issues. (We don't make the rumors up, just report them). Based on market reaction to news company has pulled out of Merrill conference, investors viewing the buyout as the rumor most likely to come to fruition.
Sep 13 2000
9:34 AM In Play Knight Trading (NITE) 30 3/16 +3/4: Hearing that NITE just cancelled from the Merrill Lynch conference; cancellations often seen as a bad sign, except when a company is a potential acquisition target. Not clear how to interpret this rumored NITE cancellation.
Sep 8 2000
3:50 PM In Play Market Makers : Sources at Spear Leads telling us that Goldman Sachs (GS) in talks to acquire the firm. Should deal occur likely to see reaction by shares of Knight Trading (NITE) and LaBranche & Co (LAB).
Sep 7 2000
10:20 AM In Play Labranche & Co. (LAB) 35 5/16 +7/16: Shares of NYSE specialist benefitting from rumors that it will be acquired by Nasdaq market-maker Knight (NITE), but trading floor sources expressing skepticism; stock is retreating quickly from its 36 5/8 intraday high.
Aug 4 2000
8:27 AM In Play Knight/Trimark (NITE) 26 3/8: Bear Stearns upgrades to NEUTRAL from UNATTRACTIVE; lows estimates for Q3 to $0.32 a share from $0.47 a share; Q4 earnings to $0.49 a share from $0.56 a share; FY00 earnings to $2.40 a share from $2.63 a share; FY01 to $2.00 a share from $2.10 a share.
Jul 19 2000
11:13 AM In Play Knight/Trimark (NITE) 31 -1 1/8 (-3.5%): -- Update -- Market maker guiding market-share estimates lower; company telling analysts that it does not believe that 20% market-share is sustainable; more comfortable with an estimate of 13%-15% industry market-share for fiscal 2000.
Jul 19 2000
6:53 AM In Play Knight/Trimark (NITE) 32 1/8: Market maker posts Q2 net of $0.53 a share, 2 cents above the First Call mean, vs yr-ago EPS $0.46; revenues increased 23% to $313.5 mln.
Jun 28 2000
8:04 AM In Play Knight/Trimark (NITE) 28 13/16: Trading up 1 point in pre-market on positive comments by analyst.
Jun 6 2000
9:10 AM In Play Merrill Lynch (MER) 107 1/2: Confirms acquisition of market maker Herzog Heine Geduld; Merrill will issue 8.5 million common shares for the company; Knight /Trimark Group (NITE) shares trading 1 pt lower on the news.
Jun 5 2000
2:52 PM In Play Knight/Trimark (NITE) 30 3/16 -5 5/16 (-15%): -- Update -- Reports that Merrill Lynch in talks to acquire NITE competitor Herzog Heine Geduld continue to put pressure on the stock; news also seen as a negative for SCH (-3%).
Jun 5 2000
12:05 PM In Play Knight/Trimark (NITE) 32 11/16 -2 13/16 (-7.9%): Issue slips to lows of the session amid reports that Merrill Lynch to acquire market maker Herzog Heine Geduld.
Apr 20 2000
8:04 AM In Play Knight/Trimark (NITE) 34 7/8: Jefferies upgrades from ACCUMULATE to BUY; despite superlative March qtr results, expects NITE to trade at a discount to market multiples due to volatile, and unpredictable earnings.
Apr 19 2000
7:26 AM In Play Knight/Trimark (NITE) 35 3/8: Reports solid Q1 pro forma earnings of $1.07, well ahead of First CAll $0.87 and yr-ago 0.34; revenues jumped 152.3% to $513 mln.
Apr 4 2000
8:37 AM In Play Knight/Trimark (NITE) 46: Jefferies & Co downgrades market-maker from BUY to ACCUMULATE.
Apr 3 2000
9:11 AM In Play Online Brokers : Chase Hambrecht & Quist raising estimates on brokers Charles Schwab (SCH), E*TRADE Group (EGRP), DLJ Direct (DIR) and market-maker Knight/Trimark (NITE); citing continued strong volume and volatility.
Mar 24 2000
11:14 AM In Play Online Brokerage Movers : E*TRADE Group (EGRP +10%)... Ameritrade Holding (AMTD +8%)... Knight/Trimark (NITE +10%)... JB Oxford (JBOH +9%)... Charles Schwab (SCH +8%)... National Discount Brokers (NDB +6%)... Siebert Financial (SIEB +10%)... Web Street (WEBS +5%).... M.H. Meyerson (MHMY +16%).
Mar 23 2000
10:35 AM In Play Knight/Trimark Group (NITE) 53 3/4 -1 3/16: ABN AMRO is raising their price target from $65 to $75 after management revealed plans (at the ABN AMRO Investors Conference) to create a European venture combining 20 broker/dealers. COO says the market opportunity could be as big as the US and expect the business unit to launch in Fall 2000. They also raise their FY01E from $2.75 to $3.00. Rating is OUTPERFORM.
Mar 13 2000
8:40 AM In Play Knight/Trimark (NITE) 49 9/16: DB Alex. Brown upgrades market maker's shares from BUY to STRONG BUY.
Mar 2 2000
8:55 AM In Play Knight/Trimark (NITE) 47 1/4: Merrill Lynch raises N/T rating on market-maker from NEUTRAL to ACCUMULATE.
Feb 29 2000
8:58 AM In Play Online Brokerage Stocks : Group trading up in pre-market, led by a 1 1/2 pt advance in E*Trade (EGRP) and a 1/2 pt move by Ameritrade Holding Corp. (AMTD). Market maker Knight/Trimark Group (NITE) also on the move, trading 1 1/4 above yesterday's close.
Jan 26 2000
10:49 AM In Play Knight/Trimark Group (NITE) 30 -3 5/8 (-11%): Bear Stearns initiates coverage of market maker with an "unatttractive" rating.
Jan 21 2000
9:25 AM In Play Knight/Trimark Group (NITE) 33 7/8: Chase Hambrecht & Quist defending the stock after yesterday's rumors of an SEC indictment, saying use the weakness as a buying opportunity; H&Q spoke with NITE management and they said the issue is a non-event. H&Q speculates it could be left over from the Trimark merger; rating is 'buy' price target is $60.
Jan 20 2000
3:17 PM In Play Knight/Trimark Group (NITE) 34 1/8 -3 3/16: --Update-- Also hurting NITE is this headline from Reuters: AmeriTrade might sell holdings in Knight/Trimark.
Jan 20 2000
2:58 PM In Play Knight/Trimark Group (NITE) 33 7/8 -3 7/16: We're hearing a rumor from trading floors that this NASDAQ Market maker will be indicted by the SEC on price-fixing charges.
Jan 19 2000
7:34 AM In Play Knight/Trimark (NITE) 39: Reported strong Q4 earnings of $0.54, excluding charges, vs yr-ago $0.17 and well ahead of First Call $0.40; revenues increased 114% to $256 mln.
Jan 13 2000
2:48 PM In Play Online Brokers Rally : Another late-session surge by the online brokerage group. Schwab (SCH 39 1/4 +1 5/8) has covered the most ground, rallying more than 5 pts off its low of the day. Also participating are E*TRADE Group (EGRP 27 3/16 +1 1/8), Knight/Trimark Group (NITE 41 +3 9/16), Ameritrade (AMTD 21 1/4 +15/16), National Discount Brokers (NDB 27 13/16 +1 1/4) and Siebert Financial (SIEB 14 5/8 +3/4).
Dec 27 1999
9:06 AM In Play Knight/Trimark (NITE) 47: Chase Hambrecht & Quist upgrades market maker's shares from "market perform" to "buy." Sets $60 target price.
Dec 22 1999
1:55 PM In Play Knight/Trimark Group (NITE) 48 1/8 - 1 3/16 (-2%): Robertson Stephens raises its Q4 earnings forecast from $0.29 to $0.40, noting that average weekly volume continues to climb. Firm boosts its revenue projection from $171.1 million to $215.5 million.
Dec 10 1999
9:09 AM In Play Online Brokers : Group building on the late session rally discussed on this page yesterday, following Thursday's record volume session on the Nasdaq of 1.78 bln shares traded. Stocks on the move include: Ameritrade (AMTD +1 3/4), E*TRADE (EGRP +1 1/4) and market-maker Knight/Trimark (NITE +2).
Dec 8 1999
9:06 AM In Play Knight/Trimark (NITE) 45 1/8: Jefferies & Co upgrades market maker's shares from "accumulate" to "buy."
Nov 4 1999
3:30 PM In Play Online Financial Services : Group coming back to life today, led by Telebank Financial (TBFC 30 1/8 +3 7/8), E*Trade (EGRP 29 31/32 +3 25/32), Ameritrade (AMTD 18 5/16 +1 9/16), National Discount Brokers (NDB 26 1/2 +1 7/8), Siebert Financial (SIEB 16 3/16 +1 3/4), JB Oxford (JBOH 8 1/4 +13/16), Knight/Trimark (NITE 34 1/4 +5 1/8).
Oct 12 1999
3:26 PM In Play Earnings/Splits : Earnings of note after the close: E-Tek Dynamics (ETEK estimate 0.14), Intel Corp (INTC est 0.57), Motorola (MOT est 0.53), Seagate Tech (SEG est -0.04), Silicon Storage (SSTI est 0.01) and Terayon Communications (TERN est -0.22). Tomorrow before the open, Bear Stearns (BSC est 1.10), Bestfoods (BFO est 0.61), E*TRADE Group (EGRP est -0.12), Knight/Trimark (NITE est 0.33) and Time Warner (TWX est 0.04) will report earnings. Also tomorrow, QLT Photherapeutics (QLTI) will begin trading on a split-adjusted basis.....
Oct 11 1999
8:38 AM In Play Online Brokers : Sector stocks slipping in 3rd-market in reaction to Knight/Trimark (NITE) warning. Issues trading lower include E*TRADE Group (EGRP) and Ameritrade Holding (AMTD 19 3/4).
Oct 11 1999
7:55 AM In Play Knight/Trimark Group Inc. (NITE) 29 63/64: Market maker warns that they expect Q3 earnings per share to be in the range of $0.17 to $0.19, versus the First Call mean estimate of $0.30, the company posted a $0.13 gain in the year-ago period.
Oct 4 1999
10:27 AM In Play Knight/Trimark (NITE) 27 3/8 -11/16: BancBoston Robertson Stephens lowers estimates again on NITE; citing low trading volumes and volatility seen this quarter. Q3 estimate cut to $0.23 from $0.31, Q4 to $0.29 from $0.38.
Aug 26 1999
8:35 AM In Play Knight/Trimark Group (NITE) 34: Market maker says to clear all its securities transactions through Merrill Lynch's Broadcort Capital unit by mid-October.
Aug 18 1999
2:40 PM In Play eBroker Stocks : BB Robertson Stephens cutting estimates on AmeriTrade (AMTD), Knight/Trimark (NITE), citing continued weakness in markets and interest rate uncertainty. Lowers AMTD Q3 estimate from profit of $0.01 to loss of $0.05 and FY99 from $0.12 profit to $0.05 profit... NITE Q3 and FY99 estimates lowered by 4 cents to 0.36 and $1.58, respectively.
Aug 4 1999
12:41 PM In Play Knight/Trimark Group (NITE) 36 15/16 -3/32: BancBoston Robertson Stephens reiterates "buy" rating on issue; says current price presents a "compelling investment opportunity." Notes that stock currently trading at less than 19 times calendar 2000 EPS estimate of $1.95 and 4.7 times calendar 1999 revenue estimate of $908.6 mln.
Jul 21 1999
8:35 AM In Play Knight/Trimark Group (NITE) 51 1/8: Market maker reports Q2 net of $0.43 a share, eight cents above the First Call mean, vs yr-ago earnings of $0.12 a share. Revenue rose 178% to $224 mln. NITE shares bid up 1 3/4 in pre-market.
Jun 16 1999
1:40 PM In Play Online Brokerage Stocks : Stocks advancing to new intraday highs as a group. Issues participating in the move include: AMTD +8, EGRP +3 3/4, SCH +7 1/2, SWS +3 1/4, NDB +3 1/4. Shares of market maker Knight/Trimark Group (NITE +7 1/4) also trading near high of session.
Jun 10 1999
8:56 AM In Play Knight/Trimark Group (NITE) 59 9/16: Company denies reports it has engaged in talks with Merrill Lynch regarding formal agreement to execute online trades. NITE shares rallied briefly yesterday after a newswire reported Merrill Lynch would use NITE services to execute online trades. (Press Release)
Jun 8 1999
1:48 PM In Play Robertson Stephens Starts eBrokers : --Update-- Analyst sets $80 target on Knight/Trimark (NITE), based on 46 times 2000 earnings estimate of $1.75; says company's "success is predicated on superior scale and technology, leading to an enhanced trading methodology."
Jun 8 1999
1:45 PM In Play Robertson Stephens Starts eBrokers : --Update-- BB Robertson Stephens initiates coverage of AmeriTrade (AMTD 86 7/8 -1 3/8) and Knight/Trimark Group (NITE 61 1/2 +3 1/2) with "buy" ratings. According to eFinance analyst Scott Appleby, the "leaders are developing scale, strong brands, distribution and a keen mastery of the electronic channel." Notes that online trading accounts have soared more than 115% from Dec. 1997, to an estimated 7 mln.
May 7 1999
8:36 AM In Play Southwest Securities Group Inc. (SWS) 51 5/16: Financial services firm says to spend approximately $40 million to expand its on-line brokerage subsidiary, Mydiscountbroker.com. Notes that cost of promoting online brokerage will not funded out of SWS' earnings but by selling relatively small amounts of Knight/Trimark Group (NITE 140 1/8) shares on an as needed basis. NITE indicated 3 points higher in pre-market.
Apr 28 1999
12:47 PM In Play Knight/Trimark Group (NITE) 139 1/4 +12 3/8 (+10%) --Update-- Stock rallies to new intraday high of $139 3/8. NITE shares also trading at new 52-week high. Volume 1.86 mln.
Apr 28 1999
12:27 PM In Play Knight/Trimark Group (NITE) 131 +4 1/8 (+3%): Issue able to break free of general Internet weakness on report the market maker continues to experience strong transaction volume. Intraday range 122 5/8 to 131 5/32; volume 1.4 mln;.
Apr 22 1999
9:25 AM In Play Knight/Trimark (NITE) 119 3/4: Merrill Lynch raises long-term rating from "accumulate" to "buy." NITE shares indicated 11 1/2 points higher.
Apr 21 1999
8:34 AM In Play Knight/Trimark Group Inc. (NITE) 86 3/4: Market maker reports Q1 net of $0.67 a share, well above the First Call mean of $0.39 a share, vs year-ago profit of $0.20 a share. Revenues rose 188% to $182.7 mln and 53% on a sequential basis. Company also declares a 2-for-1 stock split. NITE shares indicated 11 points higher.
Apr 14 1999
8:57 AM In Play Knight/Trimark Group (NITE) 117 1/2: Leading market maker announces that its new London-based subsidiary, Knight Securities International received regulatory approval from The Securities and Futures Authority in the United Kingdom. NITE indicated 5 points higher.
Apr 12 1999
2:15 PM In Play Online Brokerage-Related Stocks : National Discount Brokers (NDB 59 1/4 +12 5/8), Legg Mason (LM 40 3/16 +2 9/16), National Discount Brokers (NDB 59 1/4 +12 5/8), DLJ (DLJ 92 3/4 +6 3/4), Ameritrade (AMTD 142 1/4 +26 11/16), Knight/Trimark Group (NITE 98 1/8 +9 5/8), JB Oxford (JBOH 14 13/16 +2 3/8), Siebert Financial (SIEB 36 3/8 +3 7/8), Track Data (TRAC 30 1/8 +2 15/16).
Apr 8 1999
9:00 AM In Play Knight/Trimark Group (NITE) 74: Leading market maker rolls out Internet-based electronic order entry and order management product. Stock flat in pre-market. (Press Release) |
