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To: Herschel Rubin who wrote (5067)	10/14/1999 3:22:00 PM
From: Bob Kim	Read Replies (1) \| Respond to of 10027

Herschel, I see on CBSMarketwatch.com that Wit might choose Sherwood to help out its afterhours trading effort with AOL. cbs.marketwatch.com Bob

To: Herschel Rubin who wrote (5067)	10/14/1999 3:42:00 PM
From: gbh	Read Replies (1) \| Respond to of 10027

Herschel, none of these really would explain the significant revenue shortfall. These would all appear on the expense lines of the report rather than the revenue line. Their revenue equation is really very simple. They either lost big on some trades, or they simply made less per trade, which is what they say, due to unfavorable market conditions. There aren't really many other ways to explain the revenue shortfall. Interestingly, KP did state they were back to the $8/trade revenue number that was established in 1Q. This would imply the revenue and earnings number should accelerate this quarter again, if they maintain this $8/trade number thru the quarter. Gary

To: Herschel Rubin who wrote (5067)	10/14/1999 5:19:00 PM
From: Gary Korn	Read Replies (1) \| Respond to of 10027

Plus they have been building numerous strategic relationships on multiple fronts (Easdaq, Options, Merrill, and??) . Negotiations take considerable time (money) away from the business of running a business. Guys, is it possible that the EASDAQ expense was included in this quarter and reduced the bottom line? Didn't NITE pay some $9MM (9 cents a share) for its 19% EASDAQ stake? Or does the final number (19 cents/share) exclude the payment for the EASDAQ stake? Anyone good with financials? Gary Korn