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To: Joseph Silent who wrote (3429)8/11/1999 7:51:00 PM
From: GS_Wall Street  Respond to of 10027
 
The following is from NITE SEC filing. They went into this Qtr Net short 18 million dollars. NITE has probably enhanced its revenue in this market decline.

"In the normal course of our market-making business, we maintain inventories of exchange-listed and OTC securities. The fair
value of these securities at June 30, 1999 was $201.8 million in long positions and $219.3 million in short positions. The
potential change in fair value, using a hypothetical 10.0% decline in prices, is estimated to be a $1.7 million gain as of June 30,
1999 due to the offset of losses in long positions with gains in short positions."



To: Joseph Silent who wrote (3429)8/11/1999 7:52:00 PM
From: Joseph Silent  Read Replies (1) | Respond to of 10027
 
Oops! My previous post.......

I meant to say that a buyback of less than a million
shares now (and much less earlier) is NOT that big
a deal with the kind of churn we've been seeing. It
would get lost in the wash, I think.

Now a 10 million share buyback is another matter. :)

Joseph


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