Word: techs
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Dates: during 1990-1999
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Gary Ciuffetelli once scraped out a living in a machine shop, but now he's getting ready to "ride a wave," as they say at All-Tech Investment Group in Suffern, New York. Dressed in shorts and a T shirt, the 33-year-old trader stares at a computer screen linked to the National Association of Securities Dealers Automated Quotation System (NASDAQ), the world's second largest stock market after the New York Stock Exchange. Sensing that Lotus stock is starting to climb, Ciuffetelli tells an All-Tech clerk to buy 1,000 shares. The clerk presses a few buttons...
...Ciuffetelli and his fellow small traders, who hope to parlay tiny price ! fluctuations into handsome profits, All-Tech and dozens of similar firms have become Wall Street's version of off-track betting parlors. Visitors to the Suffern office find plumbers, bartenders, retirees and out-of-work lawyers crammed elbow to elbow in nine rooms filled with clerks, computer screens and high hopes. The screens show the various "bid" and "asked" prices offered by dozens of marketmakers -- firms such as Goldman Sachs and Morgan Stanley that deal in specific stocks...
...time when stockbrokers garner about as much trust as politicians and journalists, All-Tech's do-it-yourself trading generates an astonishing total of nearly 2% of the national over-the-counter market's $5.2 billion of daily volume. Founded in 1988, the firm now includes thriving branches in Dallas and Minneapolis. This week All-Tech is opening its first New York City office. "We're turning people away every day because we don't have enough terminals," boasts chief executive Harvey Houtkin. "We could be the largest brokerage in the country in a year...
...rapid- fire trading, particularly at the expense of its own marketmakers. Fighting back, the group has limited the shares traded on the system to no more than 1,000 per transaction, and has restricted the number of trades for each account to just 10 a day. But All-Tech customers simply -- and legally -- open numerous accounts under different names. Meanwhile, Houtkin has sued the Securities and Exchange Commission in federal court to overturn the rules...
...pours for you when she serves her apple pie. No wonder, then, that the ground seemed to tremble a bit in the nation's capital last week when the biotechnology industry faced off with consumer advocates over a matter of concern to every U.S. household: Do new high-tech production methods threaten the safety of American milk...