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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: sandintoes who wrote (17687)	3/21/2000 12:27:00 PM
From: tahoe_bound	Respond to of 28311

GNET mentioned here too NDB 3rd-Qtr Net Up 135% as Trading Volume Increases Jersey City, New Jersey, March 21 (Bloomberg) -- National Discount Brokers Group Inc., the parent of online broker NDB.com and market maker Sherwood Securities, said net income in the third quarter rose 135 percent, as trading volume continued to soar and the company attracted more new customers. NDB earned $19.2 million, or $1.10 a share in the three months ending Feb. 29, up from $8.2 million, or 58 cents, in the year-ago period. In February, NDB said it expected third-quarter profit to be between 95 cents a share and $1.05 a share. NDB said its online brokerage customers made an average of 16,000 trades a day in the quarter, up 60 percent from the previous quarter. During the quarter, client assets rose 37 percent to $12.2 billion. In an effort to attract new customers to its site, NDB reached agreements with Yahoo Inc., the biggest Web navigation company, Go2Net Inc. and Paul Allen's Vulcan Ventures Inc. NDB spent $6.4 million on selling and marketing, which equates to $216 for each new account opened during the quarter, 75 percent lower than the $379 it spent on each new account in the previous quarter. The company expects advertising and marketing costs for the fiscal year ending May 31 to be about $32 million, including payments it must make to Go2Net and Yahoo. The company expects account acquisition costs for the fiscal year to be between $300 and $400 an account. Sherwood Securities accounted for 97 percent of NDB's pre-tax income. Volume at the market maker Sherwood Securities rose to 5.7 billion shares, up 159 percent from the year-ago period. The rise comes as trading of U.S. securities has continued to reach records. Nasdaq Stock market volume rose 7 percent to 1.72 billion shares daily during February. NDB shares fell 2 1/2 to 43 5/8 in early trading. Mar/21/2000 10:14 For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.