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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: T-Lo Greens who wrote (73)	1/21/1999 2:10:00 PM
From: Thu Ra Tin	Respond to of 10027

Analyst Report by: valuinvest 2568 of 2581 I subscribe to a fee based service (Multex) which provides these reports to subscribers. Unfortunately the reports are not free otherwise I would provide the link. However, this should show up on Bloomberg eventually. It is a 6 page report by analyst Gary Craft and has a complete quarter by quarter analysis of the 1999 projection. The overall tone of the report is very bullish and has the headliner: "Even the disorderly conduct of the NASDAQ market in 4Q98 can't hold back the Knight/Trimark train - an exceptional quarter, in our view!" The investment outlook section reads as follows: "Knight/Trimark is part of a structural change in the market making landscape. As we point out in our report The Stock Making Rhyme of the Ancient Mariner (6/1/98), we predict by the end of the decade there will be 230 fewer market makers (of 530 total). Coincidental with the publication of this report, a NASD research analyst spoke with us and noted this forecast is consistent with their opinion. If so, then Knight/Trimark is performing masterfully in an industry where other market makers are dropping like flies." "These are the types of markets where big gains can be made. Thus we believe Knight Trimark is a play on: 1)a changing industry structure and 2) potential market share consolidation." Note: BancBoston Robertson Stephens maintains a market in the shares of E*Trade, Excite and Knight Trimark Group. Another quote: "What an awesome way to end its first year as a public company, in our view. It beats our revenue, operating margins, share count and EPS for 4Q98 almost effortlessly despite the lunacy that characterized stock trading in this quarter. In fact, its performance put it ahead of our model's trajectory through mid 2000 - or 1 1/2 years ahead. As a result, we are again adjusting our numbers to reflect this strong business momentum. Importantly, Knight/Trimark provided liquidity to investors despite these incredibly difficult markets particularly in segments like the Internet and unsurprisingly, its market share improved dramatically."