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Symbol(s) LVLT & Services Date
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10/05 DJ DJ MARKET TALK: Level 3 3Q Could Fall Short - UBS
10/04 WJ WSJ(10/5) Moody's May Downgrade Ratings Of Telecom Firms
10/04 DJ =DJ Lexent Dn -2: Spending Cuts By Customers A Concern >LXNT
10/04 DJ =DJ Weaker Economy Could Crush Startup Wireline Telecoms
10/04 DJ +DJ Lexent Down 23%; Analyst Suggests Co Overvalued>LXNT
10/03 RT Moody's may cut 17 telecoms, billions in debt
10/03 DJ PRESS RELEASE: Moody's Puts Telecom Cos On Review-Down
10/02 RT Siebel still leads, but no longer alone in CRM race
09/28 RT Internet Capital says tenders for $200 mln debt
09/25 RT US Corp Bonds-Spreads widen, Bristol-Meyers in big sale
09/25 DJ DJ Level 3 Commun Cuts Debt Buyback In Dutch Tender Offer
09/25 RT Level 3 cuts debt tender offer to $1.5 bln
09/25 DJ DJ Level 3 Commun/Dutch Auction -2: Extend Offer To Oct. 9
09/25 DJ PRESS RELEASE:Level 3 Commun Amends Dutch Auction >LVLT
09/25 DJ *DJ Level 3 Commun Tenders Reduced To Maximum $1.5B Debt
09/24 WJ WSJ(9/25) Credit Markets: Treasurys End Mostly Lower Monday
09/21 DJ =DJ Sonus Networks Dn-3: Qwest Makes $2B In Cutbacks For '02
09/21 RT UPDATE 1-RCN to buy back up to $1.07 bln debt
09/21 RT RCN says to buy back up to $1.07 billion in debt
09/19 RT Level 3 says swaps 14 mln shares for debt
09/18 DJ =DJ Network Security Could Take Lead Role At FCC
09/18 DJ =DJ Retail Investors -3: Investor Activity Slows At Schwab
----- Original Message -----
From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
To: <dorothy.carter@xxxxxxxx>
Sent: Sunday, October 07, 2001 2:18 PM
Subject: Re: [RT] BLK activity
> Off the board, but is there any way to tell if there was a very large
seller
> of LVLT on Friday? Is there anyway to identify the seller?
>
> I have a freindwho owns this stock and has been creamed? Any help
> appreciated.
> don ewers
>
> ----- Original Message -----
> From: "Dorothy K. Carter" <dorothy.carter@xxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Sunday, October 07, 2001 10:51 AM
> Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
>
>
> > yup.. they are in the business to make money we agree on
> > that..........Remember IRA until late 70's the brokerage firms got away
> with
> > abuses that they can't now.. I remember back prior to computer sweeping
of
> > credit balances into money markets that the brokerage firms got away
with
> > earning interest on client's free credit balances...... they got their
> hands
> > slapped and were forced to not earn float on client's free credit
balances
> > if the broker was lax and did not get the balances moved over into a
money
> > market fund on settlement.. soooooooo.. yes they are in the business to
> make
> > money which was my first post....
> > ----- Original Message -----
> > From: "Ira Tunik" <irat@xxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Sunday, October 07, 2001 11:42 AM
> > Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
> >
> >
> > > It is only the public that doesn't earn interest on short stock. As a
> > market maker I earned broker loan rate on the cash received from short
> > > stock. During high interest periods you could earn more money being
> short
> > stock then by trading. Especially after puts, because that made the
> > > reversal a relatively riskless marginless transaction. Also after
> several
> > changes back and forth, market makers only had to have cash to cover
> > > risk, not the margin amounts that the public was subject to. Many
> > brkerage firms did the same thing through their floor operations.
> Generate
> > > cash from short stock and loan that money to their margin account
> > customers. The buying public became your bank. Things may have changed
in
> > > the past few years, but I don't think so. If there is a way to make a
> > buck at the expense of the public, the firms will figure it out.
> > >
> > > Dorothy Carter wrote:
> > >
> > > > No doubt business picks up in bad markets.... no one is saying that
> the
> > > > brokerage firms don't make money from stock loans... as I stated
> > earlier....
> > > > that's why they do it. One of the things I ask when I call for ok
to
> > short
> > > > a stock is to see if it is busy or if very many brokers are shorting
> > > > stocks... I use it like most use a put to call ratio.. some days if
> I'm
> > not
> > > > shorting I call just to see how business is going just to see what
> their
> > > > business is like so I'm aware obviously after 27yrs in the biz. I
> would
> > > > still maintain that the average broker does not short and that many
> that
> > do
> > > > have only a few sophisticated clients that do. Most brokers have
gone
> > to
> > > > fee based busines vs comm.. .. I'm curious why the thought out
there
> > would
> > > > be that the brokerage firms would not charge interest on margin
> > acct..(that
> > > > would be like going to a bank and not expecting to be charged
interst
> on
> > a
> > > > loan and if fact int rates at brokerage firms are often lower than
> loans
> > > > that you can get at a bank!!! so don't know that "rip off" as
> suggested
> > by
> > > > Norm is accurate)..to my knowledge there is not such thing as a
"stock
> > loan
> > > > fee" as suggested in Norm's post... you are charged margin
interest
> > > > though. anyway.. Thank God Monday is coming so we can get back to
> > market
> > > > trading ideas .. This thread is getting old..
> > > > ----- Original Message -----
> > > > From: "Infernal Elk" <infernalelk@xxxxxxxxxxxxxxxx>
> > > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > > Sent: Sunday, October 07, 2001 2:47 AM
> > > > Subject: Re: [RT] VERY HEAVY BLK activity ON MSFT
> > > >
> > > > >
> > > > > >> NW: No, they are loaning the stock so they can earn the stock
> loan
> > > > fees such
> > > > > >> as interest on the credit balance. This source of income often
> > exceeds
> > > > the
> > > > > >> commission end of the biz. Given the recent deep discounts on
> > stock
> > > > > >> commissions, I am sure the stock loan fees and interest they
rip
> > off
> > > > from
> > > > > >> the public is more important than ever as a source of income.
> > > > >
> > > > > <unlurk>
> > > > >
> > > > > having worked in back offices on & off in the past, i have to say
> that
> > > > > stock loan (equities) & repos ("fixed" income) can be a
> *substantial*
> > > > > source of financing at relatively little risk to a large firm,
> > > > > depending on the sophisication of the software systems that enable
> the
> > > > > stock loan or repo desks (stock loans are essentially equity
> "repos")
> > > > > to manage the huge volumes of stock in & out of the firm's box
> hourly.
> > > > >
> > > > > some of the stock loan desks i have seen rival some proprietary
> > > > > trading desks in number of personnel. and the stock loan folks
are
> > > > > just as busy, sometimes busier!!!
> > > > >
> > > > > it's not as sexy as the proprietary side, but in bad years, the
> stock
> > > > > loan & repo desks subsidize the proprietary traders' bonus
pools --
> no
> > > > > joke! i've seen it happen often enough at bonus time. stock loan
> is
> > > > > steady money.
> > > > >
> > > > > - *lk
> > > > >
> > > > > <relurk>
> > > > >
> > > > >
> > > > >
> > > > >
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