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To: BWAC who wrote (1716)	4/4/2000 11:09:00 PM
From: Esway	Respond to of 5499

Below article mentions today's action could be viewed as a good thing for EGRP/AMTD/SCH down the road: NEW YORK, April 4 (Reuters) - Big U.S. bank and brokerage stocks tumbled on Tuesday amid fears that a market sell-off will erase profits made from investments and new stock deals and saddle brokers with investor losses. While the sector was hit hard, financial stocks managed to pare their losses by the close as the technology-driven Nasdaq composite index staged a stunning recovery to end 1.77 percent lower, after falling as much as 13.6 percent during the session. "People are temporarily assuming venture capital earnings will go to zero, with problems in capital markets," said bank analyst Diane Glossman of investment bank Lehman Brothers. "Ditto with trading profits. These are the companies that benefited from the market run-up, and they are the ones that are at risk when the market goes the other way." Shares of big banks and brokerages fell in frenzied early-afternoon trading, but as the afternoon wore on, the Standard & Poor's index of investment banks shaved some of these losses to end down 10 percent. Bargain hunters wrenched the Nasdaq market and the Dow Jones Industrial Average index off lows, injecting life into some battered computer stocks. The S&P investment bank index had dropped almost 19 percent at its low of the day, more than any other S&P index. The index is made up of five brokerages and investment banks, including shares of No. 1 U.S. full-service brokerage Merrill Lynch & Co. Inc. (MER), which was down 18-5/8, or 17 percent, at its worst point of the day. Merrill's stock closed down 7-7/8 at 99-1/4. Investors pounded shares of investment banks and brokerages because of fears that new stock offerings, one of Wall Street's most lucrative businesses, may be about to dry up, analysts said. At the same time, investors worried about brokers getting stuck with losses by investors who bought stocks on margin, or with borrowed money. "People are worried about margin debt and (question whether) people are going to trade dramatically less going forward," said online brokerage analyst Greg Smith of the investment bank Chase Hambrecht & Quist. "The pendulum swings too far in one direction. The stocks have been overly punished, assuming the market comes back." The stock price of Charles Schwab, the No. 1 discount and Internet broker, fell as much as 13-1/8, or 23 percent, to 44-1/4. But it closed down 7-3/4 at 49-5/8. Shares of other online brokers, including E*Trade Group Inc. (EGRP) and AmeriTrade Holding Corp. (AMTD), fell by similar amounts. They later recouped half of those losses. "Actually, something like this is good for them to show that they came through this unscathed and that their risk management worked well," Smith said. "People are always skeptical about them. If they make it through this unscathed, it's a selling point for them." Online brokers could lose out in a prolonged market downturn if nervous investors close trading accounts and stop buying shares, analysts said. "Some of the weakness we are seeing in Nasdaq could have some follow-through in terms of earnings at capital markets players in the second quarter," said analyst Andy Collins of investment bank ING Barings. "With the online brokers, individual investors could get scared out of the market and we could see reduced volumes on stock markets over the next six months." Big banks such as Chase Manhattan Corp. (CMB) and J.P. Morgan & Co. Inc. (JPM) profited handsomely in past quarters through Wall Street-type businesses: taking early stakes in start-up technology companies and assisting such companies with new stock offerings. The profits came in an atmosphere of unbridled investor demand for new Internet stocks. But the sell-off in technology stocks and stock markets on Tuesday could threaten such profits, which now make up a large chunk of bank and broker quarterly revenues. Chase, for example, raked in a whopping $1.3 billion in gains from savvy stakes in technology companies in the 1999 fourth quarter. Chase's stock price finished down 6 at 86-1/2, above an intraday low of 83, while Citigroup Inc. (C) closed off 2-14/16 to 59-1/16, J.P. Morgan & Co. shed 5-11/16 to 136-1/16 by the end of trading, and Bank of New York Co. Inc. (BK) gave up 1-13/16 to 41-11/16. REUTERS

To: BWAC who wrote (1716)	4/5/2000 9:41:00 AM
From: Esway	Respond to of 5499

JERSEY CITY, N.J., Apr 5, 2000 /PRNewswire via COMTEX/ -- Knight/Trimark Group, Inc. (Nasdaq: NITE), the largest wholesale market marker in U.S. equity securities, today reported that it executed 1,049,000 trades on April 4, 2000, representing a cumulative share volume of over 659 million shares in both OTC and listed securities. The company's share volume accounted for approximately 10 percent of the April 4 reported Nasdaq, New York Stock Exchange and American Stock Exchange share volume. Knight/Trimark executed over 81 billion shares during 1999, a share volume second only to those of Nasdaq and the NYSE. Knight/Trimark, headquartered in Jersey City, NJ, is the parent company of Knight Securities, Knight Capital Markets (formerly Trimark Securities) and Knight Financial Products (formerly Arbitrade, LLC). Knight is the largest wholesale market maker in U.S. equity securities. The four-year-old Knight/Trimark Group, as the largest destination for on-line trade executions, is the unseen "processing power" behind the explosive growth in on-line securities trading. The firm was recently selected to the Fortune "e-50 Stock Index," an elite collection of companies that are shaping the new Internet based economy. The firm employs more than 900 people worldwide. For more information please visit knight-sec.com. SOURCE Knight-Trimark Group, Inc.

To: BWAC who wrote (1716)	4/5/2000 2:05:00 PM
From: Esway	Read Replies (1) \| Respond to of 5499

OMAHA, Neb., Apr 5, 2000 (BUSINESS WIRE) -- Ameritrade Index Shows Overall Net Buying of Two-to-One CISCO SYSTEMS INC, MICROSOFT CORP, and JDS UNIPHASE CORP were the top stocks bought at Ameritrade Inc. in a strong rally by online investors during trading yesterday, according to the Ameritrade Online Investor Index, the first daily measurement of the investment activity of online investors produced by Ameritrade Holding Corporation (Nasdaq: AMTD). The midday drops of 575 points on the NASDAQ and 504 in the Dow were used as an opportunity by investors at Ameritrade to grab up shares of high tech companies such as CISCO at discounted prices. While CISCO is at the top of both the "buy" and "sell" lists, "buys" outpaced "sells" almost 5 to 1. Overall, online investors were net buyers of stock at a two-to-one margin. "Ameritrade's investors were not scared to the sidelines by the downturn in the market yesterday," said Jack McDonnell, president of Ameritrade, Inc. "In fact, our customers took advantage of the fall in prices to build their portfolios." The top 10 stocks bought in yesterday's trading and the net percentage of buying they represented of total buying and selling activity in all stocks, value weighted, were as follows: 1) CISCO SYSTEMS INC 26.61 percent 2) MICROSOFT CORP 10.92 percent 3) JDS UNIPHASE CORP 7.38 percent 4) ORACLE CORP 2.62 percent 5) AMERITRADE HOLDING CORP 2.15 percent 6) AMERICA ONLINE INC 2.05 percent 7) CMGI INC 1.53 percent 8) SUN MICROSYSTEMS INC 1.21 percent 9) NOKIA CORP 0.91 percent 10) YAHOO! INC 0.68 percent The top 10 stocks sold through close of trading yesterday and net percentage of selling they represented of total buying and selling were as follows: 1) CISCO SYSTEMS INC 5.41 percent 2) JDS UNIPHASE CORP 3.99 percent 3) ORACLE CORP 1.70 percent 4) AMERICA ONLINE INC 1.51 percent 5) QUALCOMM INC 1.14 percent 6) SUN MICROSYSTEMS INC 1.11 percent 7) PROCTER & GAMBLE CO 0.77 percent 8) CMGI INC 0.72 percent 9) EXODUS COMMUNICATIONS 0.59 percent 10) DELL COMPUTER CORP 0.53 percent (Note: The net buying activity of all stocks bought, when added to the net selling activity of all stocks sold, equals 100 percent.) The Index, which is available to the public at www.AmeritradeIndex.com, shows whether individual online investors at Ameritrade are net buyers or sellers on a given day, along with the top 10 equities those individual investors bought and sold. The Index is market value weighted. Research conducted by Roper Starch Worldwide indicates that Ameritrade investors are representative of online investors as a whole. The Ameritrade Online Investor Index measures individual investor behavior, rather than the stock price movement of a specific basket of company stocks. The Index is calculated daily and available several hours after normal market close. It features a chart of the current day's Index, as well as a listing of the top 10 buys and sells for that day. The data is drawn in aggregate from Ameritrade, Inc. customer databases and does not include information from day trading accounts, as explained on our web site. Individual account information is not relevant to the calculation and complete confidentiality is maintained at all times. Ameritrade, Inc. customers and visitors to the site are also able to compare the Index to other leading market indexes such as the Dow Jones Composite, Nasdaq 100, Nasdaq, S&P 500 and the NYSE indexes. The Ameritrade Index web site includes video presentations that discuss the Index and characteristics of online investors at Ameritrade Inc..