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FWIW should quiet down the Internet bubble
Updated December 3, 1998 2:00pm EST
Volatile Internet Stocks: Maintenance Requirements Changing.
Information on upcoming IPO's.
Symbol change for Citigroup
Please click on the Details button for more information
In response in the recent volatility of some Internet stocks, beginning today December 3, 1998, the maintenance requirements for 22 NASDAQ internet stocks will be changed. The 22 NASDAQ, listed below, will be subject to a 50% maintenance requirement.
Margin maintenance requirements are set by the rules and regulations of the New York Stock Exchange, the American Stock Exchange and other regulatory agencies to the jurisdiction of which we are subject; and according to our sole discretion and judgment. Margin maintenance requirements may change without prior notice.
Trades in these stocks should be placed with the new requirement in mind.
The NASDAQ stocks subject to the new maintenance requirement of 50% are as follows:
AMZN Amazon.com
BAMM Books-A-Million
BCST Broadcast.Com
BYND Software.Net
CDNW CD Now
CMGI CMG Information
CNCX Concentric Networks
COOL Cyberian Outpost
DRIV Digital River
EBAY eBAY
ELNK Earthlink Networks
EWBX Earthweb
GCTY Geocities
GNET Go2net
ITVU Intervu
KTEL K-tel
MSPG Mindspring
OMKT Open Market
ONSL OnSale
TFSM 24/7 Media
TGLO theglobe.com
YHOO Yahoo
Orders for Ticketmaster Online (TMCS) and Ubid Inc. (UBID) may not be placed through our WEB site. These securities have been removed from electronic trading due to expected volatility and fast-market conditions when they begin trading. Volatility and Fast-market conditions could result in price quotes significantly different from the current trading price and cause delays in reports of order execution. Ticketmaster Online (TMCS) has begun trading today, December 3, 1998. A firm date as to when Ubid Inc. (UBID) might come to the marketplace has not been determined, although it is expected this week.
Please do not attempt to change or cancel market or market-type orders. This is very important as duplicate orders could be executed and will be your responsibility. If you attempt to change or cancel a market or market-type order, we can only process the request on a best-efforts basis. A strategy to consider is to place a limit order and establish a buy price at the maximum you are willing to pay or a sale price at the lowest you are willing to receive. This can reduce the risk of placing a duplicate order and ensure the price you receive is within your limits.
Orders that were previously placed before 9:15 ET December 1, 1998 for these two securities through a Schwab Representative on TeleBroker which received a confirmation number or on the Web which received a confirmation number do not need to be re-entered and will appear on Order Status. It is very important that you not re-enter these orders as duplicate orders will be your responsibility.
Please contact Schwab to place orders or for any questions.
The New York Stock Exchanged has announced that effective this Friday, December 4, 1998, it is anticipated that the stock symbol for Citigroup Inc. (CCI) will change from CCI to the old Chrysler symbol (C). This is only a symbol change: Citigroup is simply moving it's symbol from "CCI" to "C". As a result of the symbol change, all open orders entered into the system prior to the close of business on Thursday, December 3, 1998, will be moved over to the new symbol (C), and will be reflected under that symbol on Friday, December 4, 1998.
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