Word: techs
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Dates: during 1990-1999
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...Yorkin sits in the high-tech Los Angeles office of the Feminist Majority Foundation, an organization she co-founded and into which she has poured $10 million. Her worth has been estimated at up to $100 million. The RU 486 "genie" is "out of the bottle," she says. To get it to American women, "we are prepared to do whatever we have...
Other market watchers blame the drops on factors ranging from disappointing corporate announcements to investor fears about President Clinton's health reforms. "The NASD study is a pile of crap," says Morris Mendelson, a professor of finance at the University of Pennsylvania. "Dammit, these are retail customers at All-Tech! Just because they happen to be more interested in the market than the average investor, that's no reason to keep them out." That view is echoed by Edward Fleischman, a former SEC commissioner, who wonders, "How can the SEC justify approving any rule that takes liquidity...
...getting dressed. "This is exhilarating," says 56-year-old Don Traponese, a high school dropout who earns $18,000 a year cutting hair. "I wish I could go to the races and be as successful as I am here." While Traponese has good days and bad days at All- Tech, he estimates that his part-time trading brings in about $12,000 a year. "Brokers over the phone will quote me higher prices than what I can see for myself is available on the screens," he says. "I think the powers that be are trying to keep us little guys...
Suddenly a blue light appears on the screen, indicating that a marketmaker has moved his bid price from 52 1/2 to 52 3/4; other firms soon follow. With Houtkin's prodding, I scream for an All-Tech order clerk to buy me 10 shares (I'm a low roller). Within seconds I've acquired the stock for 52 3/4 a share...
...wave continues to roll forward, so I ask the clerk to sell my holdings at 53, netting me a fast -- if meager -- $2.50 gain. The purchaser at the other end was Salomon Brothers. Of course, if I had been a regular customer at All-Tech, I would have bought 1,000 shares and earned $250 (minus an $80 commission) on the transaction. Not bad for a few minutes' work...