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Non-Tech : Instinet Group, Inc. (INET) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (23)	3/27/2002 10:03:41 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 46

Instinet says may report loss in first quarter In NEW YORK story headlined "Instinet says may report loss in first quarter," please read in 5th paragraph ...May 2001..., instead of ...May 2000... (corrects year). A corrected version follows. NEW YORK, March 27 (Reuters) - Agency brokerage firm Instinet Group Inc. <INET.O>, which runs an electronic share trading network, on Wednesday said it may report its first-ever loss in the first quarter of 2002 and plans to take a $55 million charge for a restructuring to cut costs. The announcement comes shortly after Instinet, majority-owned by global news and information provider Reuters Group Plc <RTR.L> <RTRSY.O>, said it was cutting the fees it charges traders who use its network in a bid to bolster its lagging share volume. In February Instinet's share volume fell nearly 24 percent compared with a year earlier. Instinet said it plans to cut its operating costs by $120 million annually, up from an earlier target of $60 million. The $55 million charge is an increase from its earlier estimate of $25 million. Analysts were expecting Instinet to record first-quarter profits of 7 cents to 18 cents per share, with a mean estimate of 10 cents, according to data collected by research firm Thomson Financial/First Call. Shares of Instinet closed at $6.41 on Tuesday on the Nasdaq stock market. The shares, which have traded as low as $6.18, are down 56 percent from their public debut at $14.50 in May 2001. 09:47 03-27-02