Rich Repetto
Rich Repetto
completed couple difference early exchange gave goes helped later lift listed marked next offering performance potential revenue secondary share stock stocks strong visibility year york
A couple of things made a marked difference for Nasdaq this year. They completed a secondary offering early in the year, which gave visibility to their cost-cutting and market-share gains. The strong performance of exchange stocks later in the year also helped lift Nasdaq. Finally, there's revenue growth, and the potential to take listed share next year as the New York Stock Exchange goes automated.
dealing fully integrated lots trust
Schwab is dealing with lots of issues. They still haven't fully integrated U.S. Trust.
best buy extend gotten lofty opportunity publicly relatively share six traded
Valuations have gotten relatively lofty in all six publicly traded exchanges. Nasdaq is the best buy of the six. It's a cost-cutting story. The opportunity to take share should extend through 2006 and 2007.
areas aspect client company compelling continue customers improve likely nearly obvious responding retail
While there are many areas where we think the company can/needs to continue to improve upon, still it is obvious from nearly every client metric, customers are responding to 'Chuck' in a compelling fashion...and we think the client is likely the most important aspect of a retail business.
retail seeing
We're seeing a significant retail component. This isn't an IPO, but that's the way it's acting.