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November 5, 1999
The Web Report - Volume 2, Issue #44
Internetstocks.com Overview - Keith E. Benjamin -
mailto:keith@rsco.com
This week, the NETDEX index increased 10% to 664.64 compared with the
NASDAQ, which increased 7% from last week.
While the NETDEX is up approximately 63% from its August low, it is
still down about 17% from its all-time high of 801.41 on April 13. If
we look at percentage changes from low to high in previous quarters
(particularly last year's fourth quarter), the NETDEX was up 202.4%
in Q4:98, 66.0% in Q1:99, 69.6% in Q2:99, 47.1% in Q3:99 and 20.4%
so far in Q4:99
REPORTING SEASON IS ENDING WITH MIXED STOCK RESULTS - While we still
expect a big commerce boost, the cost of cutting through the
competitive clutter appears to have caused fears for the eTail
stocks. We expect a few companies to break out with enough December
quarter revenues to help eTail stocks recover, but we fear
languishing for the next few weeks.
The major network stocks led the non-eTailers through a continued
rally this week. Here competition appears less of a concern.
Standout stocks have included those companies providing content and
services to other sites and businesses.
We remain relatively aggressive on stocks during this post-reporting
period, as discussed below, expecting continued divergence.
eTail Update - Lauren Cooks Levitan - mailto:lauren@rsco.com
The eTailDEX fell for a fourth straight week to 1062.81, down 10%
from 1186.45 last week, which was down 5.2% from the prior week.
The index is up 31% from the recent low of 812.5 on August 4 but
still down 41% from the 52-week high of 1807.45. In fact, the
eTailDEX has declined in six of the last seven weeks, even while the
Nasdaq has hit new highs.
eTAILING STOCK STRATEGY FOR THE HOLIDAY SEASON - We believe the
market has caught a fairly severe case of post-reporting season
syndrome (stocks in our coverage universe are currently down 12.5% on
average since before they reported September quarter results).
Amazon, eBay, eToys and others set an ugly pattern of reporting
better-than-expected results, reflecting strong consumer demand and
solid momentum, offset by almost universal increases in operating
expenses, presumably to help better arm them to capture and retain
existing customers in the face of so many well-financed new entrants.
The challenge we see for investors is to determine which companies
really are spending to ensure success and leadership in a bigger
potential business long-term versus those companies that are just
throwing good money after bad. This confusion and the deferral of
profitability have created a great deal of sloppiness in the group.
It is our sense that we are now in a holding pattern as we await
indications of which companies are truly performing well during the
holiday season. Fortunately, we believe we are only about three to
four weeks away from gaining some insights into these differences in
execution. The proximity to these potential catalysts argues for
working on establishing a shopping list of stocks today.
ON OUR SHOPPING LIST* On our shopping list of large cap stocks, we
remain focused on Amazon.com and Priceline.com. We see even greater
opportunity in some small cap names that we believe have solid
business models centered on higher gross margins and higher average
transaction sizes, which better support the funding of brand-building
and infrastructure building initiatives. Key examples of companies
that fit these criteria, in our view, are Alloy Online and Global
Sports (which have not yet reported their Q3 results). We believe
other examples include Garden.com and Ashford.com. We expect Alloy
Online could stand out from the pack of eTailers when it reports by
likely capitalizing on its high gross margins (approximately 50%) to
convert better-than-expected sales into better-than-expected
improvements in profitability.
OUR TOOL FOR IDENTIFYING THE BEST PERFORMERS - THE ONLINE SHOPPING
CHALLENGE - We recently launched a new area on Internetstocks.com for
our Online Shopping Challenge (powered by BizRate.com), and our
second week of results have arrived. We did not see any major shifts
in consumer attitudes compared to last week, and shopping experiences
in general seem to be satisfactory. Given that our initial results
are coming at the very beginning of online shopping for the upcoming
holiday season, we are not surprised by this week's small variance.
So far we believe customer retention could prove the most pressing
issue for eTailers this season. With 25% of surveys indicating they
were unlikely to shop at that same site again, we believe emphasis on
customer service and controlling the entire customer experience could
be the single most differentiating factor this holiday season.
Further, we view an eTailer's ability to monetize its existing
customer base as crucial to its long-term profitability potential. In
the past, we have highlighted eTailers such as Amazon and eToys
because of their meticulous attention to providing superior customer
support. We believe this strategy is winning customers and fueling
higher repeat purchase rates.
While drawing any conclusions from this early wave of results would
be premature, we nonetheless look forward to monitoring how traffic
patterns and customer experiences evolve as the holiday shopping
season heats up. If you shopped online recently or plan to in the
near future, we hope you'll fill out a brief survey regarding the
quality of your shopping experience. Maybe you'll be the lucky
winner of the $10,000 online shopping spree!
www.internetstocks.com.
internetstocks.com
FIRST EUPOPEAN MEASUREMENTS - Media Metrix released its first
European Web usage metrics this week. Given several of the eTailers
we follow (including Amazon, eBay and eToys) are aggressively
expanding into Europe, we are actively monitoring trends that could
deviate from what we see in the U.S. Among our coverage universe,
Amazon stands out as a top 25 Web site property in both the U.K. and
German markets, the first two European countries it has entered. We
believe European Internet usage is at an early stage of growth and
could mimic earlier U.S. trends. For example, metrics such as average
usage days and unique pages viewed are 32% and 54% below current U.S.
levels, respectively, but inline with U.S. data points one to two
years ago. We also believe the demographic makeup of European users
is similar to U.S. users during the early stages of usage growth.
While 70% of users are male in France and Germany, we expect women
could achieve parity similar to usage trends in the U.K., where 51%
of users are male. Overall, we believe European markets could
experience even more explosive growth in online sales than the U.S.
given lower cost Internet access and a higher quality shopping
experience at an earlier stage of penetration (as companies benefit
from the experiences of U.S. eTailing pioneers). Further, we see even
bigger opportunities for some of the newer, value-driven pricing
models facilitated by the Internet, given discount shopping is not as
prevalent in Europe and price discrimination across countries creates
a greater value proposition versus in the U.S. market.
ETOYS HOOKS UP WITH THE GAP - This week eToys, in conjunction with
The Gap, announced a new marketing initiative between the two
companies. During the holiday season, customers making a purchase of
$75 or more at eToys will receive a $10 gift certificate redeemable
at GapKids or babyGap online and retail stores and vice versa. We
view The Gap's decision to co-market its baby and children focused
brands with eToys as indicative of eToys' superior brand perception
and relationship with consumers of children's products. As we have
written in previous eTailing Updates, part of our recent enthusiasm
for eToys' stock has been associated with a supply/demand imbalance
in the shares caused by the small float of 9.6 million shares
relative to a considerable short position of approximately 6.5
million shares. This week eToys' released 9.5 million, or 10%, of its
locked up shares in advance of the planned November 16 full release,
effectively doubling its float. Shares of eToys fell 27%in the three
days following the early release announcement. While we expect eToys'
shares could remain sloppy over the coming weeks, we continue to
view eToys as a core eTailing holding. Thus, we recommend investors
take advantage of declines of an additional 25% or more to create or
add to positions and look for additional developments related to new
marketing alliances (such as the Gap partnership), and/or indications
that holiday performance is significantly ahead of expectations as
potential positive catalysts, which could overwhelm selling pressure
created by the increased float.
EBAY INVESTS IN BUSINESS-TO-BUSINESS AUCTION COMPANY - eBay and
Benchmark Capital (one of eBay's original venture backers) led a $22
million third-round financing in TradeOut.com, a business-to-business
auction site. In our view, eBay's investment gives it a seat at the
playing table, which could become very interesting (and valuable)
over the next year. We believe eBay could leverage its experiences
creating the world's largest dominant online trading community and
make a serious run at leading the B2B market as well. We suspect this
investment is only one step in the company's plan to extend its reach
to the B2B space, and we will continue to monitor eBay's strategy in
this burgeoning market.
PREVIEW TRAVEL TAKES FIRST STEP TOWARDS WHOLESALE MODEL - Preview
Travel announced that Hotel Reservation Network (HRN), a leading
supplier of negotiated hotel rooms, will be its preferred supplier of
deep discount hotel rooms. We have anticipated Preview's move into
wholesale travel products and view this alliance as the first of
three steps for the company. Beginning later this quarter, Preview
will offer negotiated room rates through HRN and book the agent
revenue. We believe the next step for Preview would be to become the
merchant of record for the rooms it is selling through HRN. While
gross margin would be much lower on these transactions, Preview would
book the value of the sale and as a result, net revenues could show
significant growth. While critics could argue the accounting
treatment of such sales is more a matter of perception, we believe
Preview can grow its core business as less expensive wholesale travel
products appeal to value-oriented leisure travelers. Finally, we
believe the final step for Preview would be to personally negotiate
room rates without the aid of HRN, a move that could be greatly
enhanced by the combined data of Preview Travel and Travelocity and
which could drive better margins.
GARDEN.COM BLOOMS IN ITS FIRST EARNINGS RELEASE AS A PUBLIC COMPANY -
Garden.com reported Q1:F00 sales, gross margins, operating margins
and loss per share ahead of our expectations. In our view, these
results portend strong momentum going into the important holiday
gift-giving season. Garden.com announced several new marketing
initiatives, including agreements with iVillage, Excite@Home, and
Southern Living, which we believe could lead to significant longer
term gains in brand awareness and Web site traffic. While expenses
related to these deals are expected to widen losses in the near term,
we view these agreements as integral components of Garden.com's
future growth plans. We were also excited about the company's launch
of its new cut flower product, which we believe could attract a more
diverse demographic of online shoppers. In our view, Garden.com is
emerging with a second wave of eTailing stocks that boast both higher
gross margins and leadership in attractive niche markets. We continue
to recommend purchase of Garden.com's shares in advance of the
positive shift we expect in investor attention toward this up and
coming second wave of value-added specialty eTailing stocks.
VALUE AMERICA REPORTS STRONG Q3 RESULTS - Value America reported an
impressive 61% sequential growth in revenues as well as a smaller per
share loss. We were encouraged by Value America's dramatic
improvement in gross margin, which increased 340 basis points to 6%,
well ahead of our estimate of 3.3%, reflecting better economies of
scale. We believe that Value America's ability to drive strong sales
growth while also expanding gross margin reflects the company's
emerging opportunity to break away from what has become a pack of
lower margin eTailers with discount valuations relative to the
eTailing group.
GLOBAL SPORTS SHOWS US WHAT IT'S BEEN UP TO - Global Sports launched
its first two sites this week, www.theathletesfoot.com and
www.thesportsauthority.com. We expect the Web sites of the company's
other retail partners to commence operations throughout the week,
with a broad marketing partnership with Yahoo! to begin this weekend.
In recent weeks, we believe that the market has started recognizing
the value of the company's unique business model and has been waiting
for Global Sports to launch its network of Web sites. Now that two
sites have launched and two are imminent, we believe the market
should react favorably to having live operations upon which it can
attach a value. It appears that Global Sports' timing was
well-placed, with the holiday season just around the corner and the
Sports and Outdoor category reporting the largest monthly unique
visitor gains among all shopping categories in September, according
to Media Metrix data. Later this month, the company is expected to
open its co-branded and co-marketed sporting goods store through The
Sports Authority with WebMD on the new sports medicine and fitness
channel to be created by WebMD and HEALTHSOUTH. Beyond that, we look
for further announcements regarding new online partnerships,
additions to the company's portfolio of retail partners, and
extensions of Global Sports' current partnerships, to serve as
potential stock price catalysts.
PLANETRx - INITIATED COVERAGE OF LEADING ONLINE HEALTH CARE SITE -
This week, we initiated coverage of PlanetRx.com. We believe the site
has emerged as a leader in the online health care market, offering
one of the largest selections of health and personal care products
available on the Internet. The company is also the exclusive online
pharmacy to Express Scripts, the third largest Pharmacy Benefits
Manager (PBM) in the United States with more than 36 million members.
We believe the company has developed a unique approach to the large,
attractive and competitive health care space by combining content and
community elements with commerce. Specifically, the company's model
includes the operation of satellite sites and eCenters, dedicated to
specific health conditions (like diabetes.com), that encourage high
margin sponsorship revenues and customer loyalty. This point of
differentiation, as well as the company's in-house pharmacy,
fulfillment and call center operations, establish opportunities for
consistent gross margin improvements and competitive advantage, in
our view. The company continues to win praise from outside
observers, including being named the top online drugstore this week
by eMarketer. Over time, we believe PlanetRx has the potential to
emerge as the next eTailing franchise stock.
eNetwork Update - Michael Graham - mailto:michael@rsco.com
SLOW NEWS WEEK - We focus this week on a few names without much
current news but for which we see positive developments on the
horizon. First, though, the last of the names to report recently:
STUDENT ADVANTAGE MAKES THE GRADE - Q3 revenues of $8.6 million were
significantly higher than our estimate of $7.3 million. Student
Advantage ended Q3:99 with 790,000 members, up 68% from 470,000 at
the end of Q3:98. Traffic reached more than 25 million page views in
September. Media Metrix measured more than 900,000 unique users to
the FANSonly Network in September. We believe that Student Advantage
will be executing more and bigger sponsorships over the next six
months. We also believe Student Advantage is out in front in the race
to build lifetime brand loyalty with an extremely attractive
demographic, to which it can continue to market, even after college.
We believe that Student Advantage will provide upside to our
estimates from expanding the membership base, increasing the revenue
generated per member and possible acquisitions.
THE BUTLER TAKES THE LIFT - We believe investors are awakening to the
potentially huge market opportunity that Ask Jeeves is serving with
its recently invigorated corporate licensing business. As more
companies seek to sell products online, Jeeves offers a proven, cost
effective way to manage online customer relationships with the
company's proprietary question and answer database technology. While
it is never easy to pin a valuation on a stock that is up 260% in the
past month, we believe the stock is beginning to be viewed in a new
light. Rather than being compared to consumer content focused sites,
we believe Jeeves compares more similarly to business enabling
software companies that sport 2000 revenue multiples of upwards of
80x versus Jeeves current multiple of 45x. We would also like to
remind investors that in Q3 Jeeves beat our revenue estimate by 67%,
helped largely by its corporate business momentum. We have raised
our revenue estimate for 2002 from $140 million to $250 million and
believe the leverage of the AskJeeves model could produce significant
upside in revenue and earnings. This appears to be "Amazon-like"
revenue growth, and we believe this could be one of the most
compelling Internet investment opportunities of the coming year. We
expect more positive news to act as catalysts for the stock as it
continues to sign large corporate contracts.
AOL LEADS CHARGE INTO HOLIDAYS - We continue to be impressed with
AOL's expanding shopping efforts as we enter the holiday season. We
believe the stock will react positively to incremental news on the
shopping front, as seen with the company's recent alliance with
Blockbuster and $30 million investment in Blockbuster.com. Also this
week the company reported that it has signed more than 160 new
eCommerce agreements and renewed 95% of its agreements with current
shopping partners, bringing the total number of merchants on Shop@AOL
to more than 275. We believe these data points help reinforce our
belief that AOL has several eCommerce contracts that are at or near
performance thresholds that could entitle the company to a share of
the eTailing revenue. As background, we suspect that most commerce
deals are structured so that AOL first receives a "rent" payment for
allowing merchants to conduct business on its network. After a
certain time period or dollar amount we believe that AOL shares in
the ongoing commerce revenue in addition to the rent payment,. We
believe many contracts are nearing this point. We believe the stock
can move back to previous highs by the end of January 2000, with
substantial upside to our ad/commerce estimate in the December
quarter.
eMarketing Update - Lowell J. Singer - mailto:lowell@rsco.com
ONLINE ADVERTISING CONTINUES TO GROW: The Internet Advertising
Bureau issued a report this week that estimated Q2 online advertising
at $934 million versus an estimated $700 million in Q1. This report
suggests that our original 1999 advertising spending estimate of $2.9
million could prove to be conservative. We believe these gains are
being driven by current Web advertisers committing larger portions of
their budgets to the Internet as well as by the addition of new Web
advertisers. In our view, the IAB report supports our long-held
belief that the Internet will be an increasingly powerful advertising
channel and that advertisers will devote more spending to the Web.
We believe that Web advertising companies like DoubleClick and CMGI
will benefit over the long-term from this trend.
MEDIA METRIX STRENGTHENS COMPETITIVE POSITION: We believe that Media
Metrix has enhanced its competitive position with several initiatives
over the past month. The company improved its ability to track Web
advertising spending with its acquisition of AdRelevance for $65
million. Media Metrix also announced a strategic partnership with
Information Resources that will offer consumer packaged goods
companies a method to track consumers' Internet usage. Media Metrix
also just completed the first phase of its international expansion
with the introduction of a European measurement report. We believe
that our revenue and EPS assumptions could prove conservative driven
by upside from all three of these initiatives. In our view, the
stock has been volatile over the past week due to concerns about
overhang following the company's three million share secondary
offering. We believe that Media Metrix should be a core Internet
holding and would view any weakness in the stock as a buying
opportunity.
eBusiness Update - Eric Upin - mailto:eric@rsco.com
LEADING B2B PLAYERS CONTINUE TO MOVE QUICKLY - GAINING SIZE AND SHARE
The B2B eCommerce group' market cap now totals more than $41 billion
- as the space continues to expand from $1 billion on January 1
(Concur and Getty Images were the only B2B companies public at that
time). In comparison, the aggregate market cap of the B2C space is
approximately $500 billion. Several names delivered significant
returns this week on the heels of strategic partnership
announcements. PurchasePro.com (PPRO), Commerce One (CMRC), ICG
(ICGE) and VerticalNet (VERT) were up 95%, 50%, 30% and 23%,
respectively. The B2B group as a whole outperformed the NASDAQ,
gaining 25% for the week compared to 7% for the NASDAQ .
We maintain our Buy ratings on Internet Capital Group, VerticalNet,
Primus, Chemdex, and Getty Images.
ICG MOVES INTO EUROPE AND ADDS TO PORTFOLIO - OUR #1 PICK AND
FAVORITE NAME
ICG announced this week its plans to expand into the European market
- opening an office in London. The company has hired two senior
people from Apax Partners, a large venture capital firm in Europe, to
head the practice. We view this as a positive move - enabling ICG to
apply its investment and incubator model to a huge, early stage
market. In addition, ICG made a $50 million investment in a company
offering a B2B play on the cattle industry - an estimated $54 billion
market opportunity in the U.S. The company provides real-time, online
cattle sales and auctions, as well as industry-specific content. It
also leverages its health, quality and inventory management
technology to facilitate the buying and selling of livestock over the
Internet. We believe this investment adds a large segment of the
agricultural industry to ICG's portfolio of target markets - and the
opportunity to cross-pollinate with related industries. ICG is our
favorite name in the B2B space.
VERTICALNET PARTNERS WITH PURCHASEPRO.COM - VerticalNet announced a
revenue-sharing partnership with PurchasePro.com consistent with its
strategy of partnering with eCommerce market makers and
infrastructure players. Initially, VerticalNet will integrate
PurchasePro.com's procurement solution into its FoodServiceCentral
and E-Hospitality sites, which target the food service industry. In
addition, the partnership will broaden VerticalNet's audience in the
hospitality vertical - as the PurchasePro.com commerce network
includes Caesars Palace, Carnival Cruise Lines, and MGM Grand. We
believe the PurchasePro.com deal is another positive move by
VerticalNet to expand its user population and accelerate commerce
revenues by partnering with complementary players - as evidenced by
the recently announced PaperExchange and IBM partnerships. We
continue to like the VerticalNet story.
COMMERCE ONE ANNOUNCES DEAL WITH GENERAL MOTORS - Commerce One and
General Motors announced plans to launch a B2B marketplace for GM's
dealers and suppliers - representing a $90 billion annual supply
chain. By linking dealers and suppliers, the site will enable the
real-time exchange of information, thereby improving suppliers'
visibility into market demand and production planning. GM also
intends to move its procurement processes online as well as to
incorporate the site into the Commerce One Global Trading Web. This
announcement follows a newly formed partnership between Oracle and
Ford, in which Ford will move its $80 billion in annual purchasing to
their jointly-developed site - with the intention of ultimately
conducting online transactions for its extended supply chain. Both GM
and Ford plan to launch their sites in Q1:2000.
GETTY IMAGES REPORTS SOLID Q3:99 RESULTS - STOCK ATTRACTIVE AT THESE
LEVELS, IN OUR VIEW - Getty reported revenues of $60.8 million
(representing 24% growth year/year) and EBITDA/Share of $0.21.
eCommerce revenues are accelerating from $24.0 million in the first
half of 1999 to $19.4 million in Q3:99 alone (representing 164%
growth year/year). eCommerce sales accounted for 32% of the total
revenue mix in the quarter compared to 15% in Q3:98. eCommerce is
also generating new customers and sales - as evidenced by Tony Stone,
where one-third of revenues are from new customers. We believe the
Getty story has been overlooked. While we recognize there have been
several issues surrounding the company, Getty is expanding its market
opportunity and eCommerce revenues, which are approaching an $80
million run rate. At 3.2x our C2000 revenue estimate, we believe
there is room for significant stock appreciation.
eFinance - Weekly Stock Volume Report - Scott Appleby -
mailto:scott@rsco.com
VOLUMES UPDATE - Volumes for the NetDex and TechDex have increased
since last week. Volumes in the Internet sector for the week of
November 2 came in at 816 million shares traded, up 13% from last
week's volume of 713 million shares traded. To date, this quarters'
average weekly volume of 788 million is 9% higher than last quarters'
average weekly volume of 722 million. The TechDex, which includes
all stocks represented in the NetDex, also experienced strong volume.
This week's volume was 6% higher than last week's, coming in at 1.66
billion shares traded versus 1.56 billion. Average weekly volume for
4Q to date is 1.59 billion shares traded, 11% greater than last
quarter's average volume of 1.43 billion shares traded.
This week, the eBrokerDex closed at 129, a considerable improvement
over last week's close of 104 and above last quarters' ending Index
of 112, but far below the year's Index high of 280, achieved on April
13.
Knight/Trimark's Nasdaq/OTC AutEx volumes continue to show
improvement this quarter. This week's AutEx volume for
Knight/Trimark was 1,105 million, up 14% over last week from 970
million. This week, Knight/Trimark's market share was 15.54% versus
last week's 15.36%. We believe that although Knight/Trimark ran into
some trouble in 3Q99 given the poor operating environment, the
company is beginning to demonstrate its leadership.
AMERITRADE REPORTS Q4 RESULTS - Ameritrade reported a solid fourth
quarter, in-line with our estimates. Revenues were $74.5 million and
net new accounts were 54,982, slightly exceeding our revenue
expectations of $72.4 million and new account estimates of 51,637.
Earnings per share were in-line with our expectations at $0.05.
Customer assets under management increased slightly in the fourth
quarter to $22.9 billion, a 1% increase from third quarter's $22.6
billion. Of note was the sequential rise in net interest revenue of
17.4%. We believe this shows that in less favorable trading
environments, Ameritrade continues to benefit from its cash and
margin balances, and, in a more mature operating environment, the
company can manage earnings better by managing its marketing expense.
Ameritrade spent $24.6 million in Other (where investments in
technology show up) expenses versus our estimate of $20 million. For
1Q00, Ameritrade launched a $200 million advertising campaign and
management indicated that $60-70 million will be spent in the first
quarter of fiscal 2000. The company estimates the acquisition cost
per new account to be in the neighborhood of $200-300 for the first
quarter of fiscal 2000.
AMERITRADE LAUNCHES WIRELESS WEB TRADING THROUGH SPRINT PCS - The
company also has announced a strategic alliance with Sprint PCS and
became the first brokerage firm to allow investors access to its Web
site online via wireless telephone. Ameritrade investors have
anytime, anywhere access to their accounts, can place trades and
receive stock alerts via the Internet using Sprint PCS.
E*TRADE AND TALK.COM FORM A STRATEGIC MARKETING AGREEMENT - E*Trade
and Talk.com announced a new marketing partnership. With this
agreement, E*Trade adds a portfolio of telecom services and a number
of promotional initiatives. Talk.com, a leader in
telecommunications, directly bills phone costs via credit card and
allows customers to view billing records online in "real-time".
KNIGHT-TRIMARK PARTNERS WITH OPTIMARK - Knight-Trimark has announced
a strategic alliance with OptiMark Technologies. According to the
agreement, Knight-Trimark will begin using OptiMark's electronic
match trading system for a portion of its trades. Going forward, the
company will receive warrants for OptiMark stock based on
Knight-Trimark's trading volume through the system. While specific
terms of the warrant agreement have not been disclosed, OptiMark
indicated that Knight-Trimark could become its largest equity holder
if certain volume levels are achieved. In the short-term, we do not
believe that this alliance will materially impact Knight-Trimark's
business model or earnings. We anticipate that Knight-Trimark will
proceed cautiously before committing large trading volumes to the
system. Longer-term, the OptiMark system may enable Knight-Trimark to
manage its inventory and to lower executions costs. However, we
believe that success of the alliance depends upon OptiMark's ability
to generate additional volume and liquidity from other trading
partners.
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Ticker Rating Price Price
11/4 10/28 1-Wk 52-Wk Chg
Chg High 52Wk
10/28 High to
to 11/4 11/4
ALOY BUY $13 1/2 $13 1/3 |
