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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: S. M. SAIFEE who wrote (3592)	8/20/1999 1:28:00 PM
From: Hyperpy	Respond to of 10027

Not soon ENOF. I soport publik edukashan

To: S. M. SAIFEE who wrote (3592)	8/20/1999 1:46:00 PM
From: Gary Korn	Read Replies (3) \| Respond to of 10027

SM, I believe the next earnings report is October 21. I'm a believer in NITE long term, but I do think we need to be frank about where the company is headed this quarter. 1. The company makes money on high volume and high volatility. In July, volatility was down. In August, volume was down. 2. Has the company maintained or grown market share so far this quarter? I would guess that, at best, market share has been maintained (and not grown). Time will tell on this one, but I don't think we can look at market share growth as an engine for overcoming seasonally slow trading volumes. 3. Pasternak did, personally, warn of a slower growth rate when he spoke back in July. Something closer to 5 to 10 percent Q to Q rather than the 30 to 40 percent rate that had been experienced. 4. Given the above, I would bet that we see more earnings revisions to the downside after we get through the summer. BBRS just got off to an early start. I don't doubt that the company would like to see a lower F.C. number than 41 cents, and will guide as appropriate. None of the above is great short term, and perhaps we see some drift down to that 27ish range for a technical double bottom, but now take your eyes away from Q2 to Q3 issue and look year over year. That is why I have to hold for the longer term. The year over year numbers for 1998 to 1999 are exceptional (just in terms of market volume). Even if the increase is not as great from 1999 to 2000, there will be an increase all the same. It is therefore just a matter of time before the stock reflects the incessantly increasing volumes that are out there. It is a weird situation. While Q3 OTC BB volume is in a 28% decline over Q2 volume, it is almost triple Q3 1998 volume. What this says to me is that the year-over-year gains going forward should be just fine. On top of that, one of these days we'll be able to figure out just what the impact of NITE's involvement in options will be (in 2000) and what the impact will be of EASDAQ. Gary Korn