KZAP: Monday GEEK should peek. 1st & 2nd day Trading Restrictions caused price constriction:
Too many restriction constricted GEEK on its first and second day of trading. Schwab was only taking telephone orders. Try Suretrade or others. Since Schwab (and possibly others)have been taking only phone orders, they should be building up over the weekend and the price for GEEK should hit new peeks on Mondays:
"SAN FRANCISCO (CBS.MW) -- Shares of Charles Schwab rose Friday, a day after the brokerage posted an online notice that it's restricting trades on hot new IPOs via its Internet brokerage unit.
Schwab plans to restrict trading in certain stocks on the first day those stocks begin to trade on the exchange, or hit the secondary market, after going public.
The restrictions affect online investors only. Schwab customers are being asked to phone in to place their orders in the affected stocks.
Schwab said it's restricting trading to aid customers and the brokerage. It alerted customers in a note posted on the site late Thursday.
Slow to the draw
Online traders "may not be able to keep up with various prices," said spokesman Dan Hubbard. The rush to trade the hot IPOs was causing a crush of multiple orders and cancellations as prices bounced all over the charts.
Schwab on Thursday blocked Internet trading in Infinity Broadcasting (INF) and AboveNet Communications (ABOV). Online trading in the two stocks resumed Friday, officials said.
All told, Schwab has restricted trading in 12 stocks at one point or another in the last two weeks.
"We view this as a responsible action on behalf of the company and the customers and will consider it going forward," Hubbard said. "We had some people that would prefer to trade through the Web, but, by and large, the feedback has been positive."
Online volume
Schwab's daily online volume represents more than 50 percent of the brokerage's total trades.
Stocks in which Schwab has restricted trading at one point since Nov. 30 include Yahoo! (YHOO), Cyberian Outpost (COOL), Books-A-Million (BAMM), Open Market (OMKT), Onsale (ONSL), Didax (AMEN), Navarre (NAVR), Ticketmaster Online CitySearch (TMCS), uBid (UBID) and Internet America (GEEK).
Schwab also said it would restrict the first day of secondary trading in Infospace.com and Pacific Internet".
Investors. Good luck on Monday. Demand far outstrips supplies. Price to explode upward.
Regards,
Jake Blackmerlin
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