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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (42733)	2/26/2001 10:07:59 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

Axcelis Shares Soar on Rumors NEW YORK (AP) - Erroneous trades made it appear that shares of Axcelis Technology Inc. soared nine-fold Monday, up to $93 from $10, officials at the Nasdaq Stock Market said. But the Nasdaq canceled many of the transactions. Under its ``erroneous trade rule,'' the Nasdaq, where the Beverly, Mass.-based Axcelis trades, canceled orders for more than $22 a share, said Nasdaq spokesman Scott Peterson. ``Anything above is being considered out of bounds,'' Peterson said. Orders executed outside Nasdaq - for example, direct broker-to-broker trades on their private systems - are outside Nasdaq's control and could not be cancelled, Nasdaq said. Nasdaq dealer had a problem in trading the stock, which allowed its price to surge so high, Peterson said. He declined to offer further explanation. Flooded with requests for canceled trades, the Nasdaq also waived its regulation that gives dealers 30 minutes to ask that so-called erroneous transactions be negated. Axcelis, which makes equipment used to manufacture semiconductors, closed up 12.6 percent at $11.75 after gaining $1.31. Trading volume of Axcelis shares also was higher than normal at 8.5 million compared with an average of 1.7 million shares. Numerous reports quoted analysts who said the price surge, which began about 10 a.m. EST, stemmed from rumors that Axcelis would be bought by competitor Santa Clara, Calif.-based Applied Materials Inc., or that the two companies had settled a patent suit filed by Axcelis.