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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: JGoren who wrote (15405)	10/3/2001 1:15:28 AM
From: Neeka	Respond to of 197145

Is this new? The article said the following so I assume the relationship is new? M Dain Rauscher Wessels equity analyst Jim Moeller today initiated coverage of QUALCOMM Inc.

To: JGoren who wrote (15405)	10/3/2001 10:59:37 AM
From: Jon Koplik	Respond to of 197145

Re : securities firms mkt making / covering a stock -- when I worked at (what was then called) Rauscher Pierce Refsnes (early 1980s) ... I remember the first time I had a client give me an order on MCI Communications (MCIC). Since I had never once heard the firm talking about MCIC, I marked my order ticket "A" (for agent or agency trade) (as opposed to "P" for principal trade). When the OTC trading desk received my order, they called me and told me that Rauscher was actually a market maker in MCIC, so I should re-do my order to reflect that. (Which meant -- if MCIC had been 8 1/2 to 8 9/16, instead of saying : do it as an agency trade; sell it at 8 1/2, let the computer system assign whatever the normal commission is (or, as adjusted by my instructions such as "down 20%")) ... I would say : do it as a principal trade. Sell it at 8 7/16 net, with a 1/16 spread as the commission to me. (And, the client would see only "sold at 8 7/16 net" on their confirmation slip). The firm was NOT covering MCIC at all then (or ever). I asked the OTC desk why they were a market maker. They said something like : We will almost never be the high bid or the low ask in the stock. Occasionally we will have more flexibility to help a client if we are a market maker, so ... we do it. Jon.