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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: mike fredricks who wrote (16383)	5/22/1998 1:00:00 PM
From: Fang Li	Respond to of 29386

Anyone know if Kinnard is still going to be MM for Ancor? Kinnard to make markets in fewer stocks MINNEAPOLIS, May 22 (Reuters) - Kinnard Investments Inc. said Thursday it would reduce its role as an institutional market maker. ''Through the first quarter, the share volumes were the same level they were a year ago, but the revenue stream was about half,'' chairman, president, and chief executive officer William Farley told Reuters before the regional investment bank's annual shareholders meeting here late Thursday. ''We're going to withdraw from the business of making markets...as a core business,'' he said, adding that revenues from market making will be down significantly from the $26 million Kinnard did in principal transactions in 1997. Kinnard had $49.8 million in total revenues in 1997. Farley told the shareholders Kinnard would only make markets in the stocks of 200 companies, down from 350. ''We have taken the decision to reduce the number of stocks in which we make market from about 350 to 200 companies,'' Farley said. ''We're only going to be in stocks where we have a strategic reason to want to be involved, where we have provided research coverage or they're corporate finance clients.'' But Farley told Reuters Kinnard expected to do more investment banking business in 1998. ''We have the capacity to do eight to 10 good investment banking transactions a year, maybe eight to 10 private placements, but probably not twenty a year,'' he said. ''Last year we did only did two investment banking transactions.'' Kinnard had $4 million in revenues from investment banking in 1997. On Thursday, Kinnard closed a public offering of two million common shares of Minneapolis-based Zomax Optical Media Inc. (ZOMX - news), a $34 million deal Farley said doubled Kinnard's investment banking business from last year. ''Both the corporate-equity-capital-markets side and the fixed-income side will continue to do well,'' he said. Kinnard is the holding company for John G. Kinnard and Co. Inc. More Quotes and News: Kinnard Investments Inc (Nasdaq:KINN - news) Zomax Optical Media Inc (Nasdaq:ZOMX - news) Related News Categories: US Market News