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Taking
stock: A street-level peek at the Nasdaq Market Site.
Photo: Mark Valenta
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aime
Hernandez, a 28-year-old stockbroker from San Juan, Puerto Rico
is gazing into the Nasdaq Market Site, a glass fishbowl with more
swirling colors and numbers than a Las Vegas casino. He's checking
to see how Palm Inc.'s initial public offering is going. So far
the 23 million shares have rocketed out the gates, trading up 112
points to 150, the biggest percentage winner in one of the hottest
public offerings in well, a day or so.
After
all, this is the Nasdaq.
"It's
thrilling," says Hernandez. "This market is the wave of the future
the virtual world, the virtual market." As he looks into
the street level broadcasting studio on the corner of Broadway and
43rd Street, Hernandez scans the screens for quotes on other companies
he's recommended to clients chinadotcom, JDS Uniphase and
Intel.
Hernandez
says that computerized exchanges like the Nasdaq, in which buy and
sell orders are matched by computer instead of by the shouts and
screams of brokers in a trading room, represent the way all trading
will be conducted in the future. "The New York Stock Exchange is
a dinosaur," he says. "The Nasdaq is much more efficient."
Chris
Clemson, an avid technology investor is standing a few feet away.
He stops by the Nasdaq Market Site to peer in through the window
and check out stock quotes. Clemson
says Tom Costello's reports for CNBC offer a knowledgeable snapshot
of the high-octane Nasdaq market.
"He's
more than just pointing at the screen and quoting stocks," says
Clemson. "To me, it's like the difference between a weatherman
and a meteorologist. You expect the meteorologist to know what he
is talking about. If he's just reading me quotes I could
do that myself."
Like
"Good Morning America" and other street-level shows, on-air
personalities attract gawking viewers.
Jose
Vascos, a former stockbroker who left Lehman Brothers after the
1987 stock market crash, says he stops by to see the television
broadcasters, but doesn't own any stocks, just mutual funds.
"It's
in vogue," he says. "People are standing here watching the screens
saying, 'oh, I should have bought that it's up $2.' It's
like gambling, people can't stay away."
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Leonardo
Tamayo is bullish on blond broadcasters.
PHOTO: Mark Valenta
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Some
bystanders, like 17-year-old Leonardo Tamayo, aren't looking for
stock quotes. Pointing at one broadcaster, Tamayo says, "That girl
over there that's what I'm looking at."
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