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

To: blankmind who wrote (3618)	8/24/1999 11:16:00 AM
From: oilbabe	Respond to of 10027

It sure appears like the numbers have been factored in. Lately, NITE has been acting quite differently than during it's weak July period. Trades down on open, and the buyers consistently come in, unlike July,when it would open up, and immediately sell off. I'm not sophisticated enough to know if that means anything, but I think it is a healthier sign since "buy on open" traders tend to be less sophisticated.

To: blankmind who wrote (3618)	8/24/1999 5:26:00 PM
From: Gary Korn	Respond to of 10027

since nite is only down fractionally, can we suppose that these lower estimates are already built into the current price? hence, although these lower estimates will be coming, they will not have a huge impact on the stock, since it is already built in? Sure seems that way, doesn't it? They've already deflated the p.e. to something around 20 based on 1999 earnings numbers. Not long ago, it was close to 40. It would seem that, so long as mgmt carefully guides down the F.C. average, and then meets/beats the number, then we should be safe (excluding whatever problems a down market poses). Perhaps if some analyst lowers earnings AND lowers her rating (say, to a neutral, which would seem highly unlikely), then NITE could retest the low it previously set. Other than that, and market conditions aside, it sure seems to me like the impending revisions may, as you say, be largely built into the current price. (I'm still kicking myself for not anticipating, back when this stock traded at 50, the effect of seasonality, and the concomitant earnings revisions, on the share price.) Gary Korn