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Knight/Trimark Up 8% After CEO Remarks At Conference----->
By Caroline Humer (March 25, 1999)
NEW YORK (Dow Jones)--Knight/Trimark Group Inc. (NITE) shares rose more than 8%
after the company's president and chief executive gave an upbeat presentation early
Thursday morning to investors at an ABN AMRO conference on growth in Miami, an
analyst said.
ABN AMRO analyst Scott Appleby said the executive, Kenneth Pasternak, told investors
that during the last six weeks, Knight/Trimark hasn't had one day of net trading losses.
Knight/Trimark operates both a Nasdaq market-making unit, Knight Securities, and a
New York Stock Exchange member firm, Trimark Securities.
Overall market strength is also likely behind gains in shares of Knight/Trimark and the
online brokerage stocks, Appleby said. The Dow Jones Industrial Average was recently
up 134.03 at 9800.87. Knight/Trimark shares were recently up 8.1%, or 4 1/4, at 56 3/4,
on Nasdaq volume of 749,300, compared with average daily volume of 1.5 million.
"These stocks are wonderful bull market stocks," Appleby said, gaining as more and
more individual investors pile into the market. But as speculation about a bear market
began to emerge with the market's decline this week, those stocks were hit. Thursday's
gains are a reversal of that, he said.
Online brokerage stocks that gained strongly Thursday include Charles Schwab Corp.
(SCH), up 7.1%, or 6, at 90 3/8; Ameritrade Holdings Corp. (AMTD), up 7.7%, or 4, at 56
and E*Trade Group Inc. (EGRP), up 6.7%, or 3 9/16, at 56 1/2.
Separately, Knight filed its annual report Wednesday evening with the Securities and
Exchange Commission.
In that report, Knight said that it is currently implementing a proprietary
electronic-communications gateway product, called e.Knight, that will enable
broker-dealers and institutions to access the Knight and Trimark trading systems through
the Internet and other electronic communications gateways.
Knight already is benefiting from the explosion in online trading indirectly through its
customers, according to the annual report. In 1998, Ameritrade, Chase Manhattan
Corp.'s (CMB) Brown & Co. Securities Corp., Morgan Stanley Dean Witter & Co.
(MWD) unit Discover Brokerage Direct, E*Trade and Toronto-Dominion Bank's (TD)
Waterhouse Securities accounted for 33% of order flow and Waterhouse alone
accounted for 11% of order flow.
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I don't think I saw this posted...
--Bill |
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