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Non-Tech : Any info about Iomega (IOM)?
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To: Teddy who wrote (38638)12/5/1997 7:36:00 PM
From: Bearded One  Read Replies (1) of 58324
 
Edward, it's the limit orders that set the boundaries. Within the spread formed by the highest ask limit order and the lowest buy limit order, the specialist can do pretty much whatever he wants.
Say the spread is, say, 30-30 1/2 and the last trade was at 30 1/4.
A market buy order comes in. The specialist can either sell it at 30 1/2 from the book or sell it himself at some price below that.
If he sells it himself at 30 3/8, then the last tick is an uptick.
If he sells it himself at 30 1/4, then there's no move. If he sells it himself at 30 1/8, then the last tick is a downtick. Or, if a sell order comes in at the same time, he matches the two anywhere he wants between 30 and 30 1/2.
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