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

To: Bob Kim who wrote (5418)	10/31/1999 7:27:00 PM
From: Gary Korn	Read Replies (2) \| Respond to of 10027

I guess this explains why he was okay with numbers in 40+ cent range following 2Q results and why KP was okay with $0.35 with two weeks left in the quarter Bob, Do I detect a touch of sarcasm? Seriously, what's done is done. Long term, NITE should grow, if only with its new revenue streams. Being impatient, though, one question I now have is whether NITE can once again become a mo mo play, what with the markets' take-off of late or perhaps with a Y2K relief rally. Once that happens, short-covering would provide some jet fuel. Gary Korn

To: Bob Kim who wrote (5418)	10/31/1999 8:41:00 PM
From: gbh	Read Replies (1) \| Respond to of 10027

Bob, your numbers point out the the single glaring shortfall of the quarter. Revenue per trade. ML and others, for whatever reasons, saw NITE maintaining the $10/trade revenue number of 2Q. In times of lower volatility, it now seems apparent the $10 number is unrealistic. We now know that the long term realistic number is $8/trade, according to KP. My guess is that this number won't be consistent either, but rather, a cyclical thing, coincident with volatility, and to a lesser extent, volume. IMO, NITE with continue to be a cyclical stock. Perhaps KP was somewhat unwilling to accept this fact until 3Q was over. I imagine the reality of 3Q has re-fashioned his view. Gary