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Market Savvy | SAVVY CONFIDENTIAL / A Briefing for
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Ticker Talk

May 26, 2000|Bloomberg News, Reuters

Update on stock price decimalization: The Securities and Exchange Commission expects to let the New York Stock Exchange introduce dollars-and-cents prices that move in 1-cent increments, with the Nasdaq Stock Market starting in 5-cent increments, an SEC official said. The SEC preparations mean that, as the securities industry moves away from quoting stocks in fractions, investors initially will see different kinds of decimal prices on the two biggest markets. "This approach is less than ideal, because there might be some confusion among investors," SEC market-regulation director Annette Nazareth said in an interview. "But competitive pressures will eventually force Nasdaq to go to pennies." . . .

Agilent Technologies (ticker symbol: A) surged in late trading, rising $9.75 to $68.75, as Standard & Poor's announced that the stock will be added to the blue-chip S&P 500 index on June 2, replacing Nacco Industries. Also to be added: Sanmina Corp. (SANM), which eased 44 cents to $56.44 in regular trading. . . . Despite their penny-stock status, two Mexican construction companies trading on the NYSE--Grupo Tribasa (GTR, 31 cents a share on Thursday) and Bufete Industrial (GBI, 28 cents)--said this week they will fight to stay listed there. A third, Grupo Mexicano de Desarrollo, recently suspended, said it will try to return.

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