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To: gbh who wrote (3924)	9/14/1999 12:48:00 PM
From: gbh	Respond to of 10027

Of course, 5 minutes after I post, MLCO lifts...

To: gbh who wrote (3924)	9/14/1999 1:21:00 PM
From: Herschel Rubin	Read Replies (2) \| Respond to of 10027

With NITE only down a half dollar today, one could conclude that NITE shareholders are no longer flinching when ECN news comes out. Just a bunch of tough shareholders and long-termers now who have already discounted the ECN threat. After all, wouldn't you think today's mention of CNBC taking a stake in Archipelago would cause NITE to knocked down at least twice the percentage of the eBrokerage stocks (as it had been in the past few weeks whenever ECN news came out)? However, so far today, NITE is only down almost half as much on a percentage basis than all the OLBs except SCH. Are we seeing NITE finally being disconnected from the OLB sector after all? I hope so. Perhaps NITE's ad campaign has helped differentiate NITE from the group. Certainly, having CNBC invested in an ECN will make CNBC predisposed to making positive press coverage for ECN's and negative coverage of MM's. However, because NITE now advertises heavily at CNBC, we can be sure CNBC won't want to alienate its paying advertisers, so they'll have to walk a fine line. Ah, yes... isn't life difficult for the media!