Canaccord Genuity Morning Coffee on Knight Capital Group (KCG): Joyce to the World: "All Hands on Deck!"
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Price: $3.68 +0.55%
Rating Summary:
2 Buy, 7 Hold, 1 Sell
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Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
2 Buy, 7 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
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Canaccord Genuity Morning Coffee on Knight Capital Group (NYSE: KCG): Joyce to the world: "All hands on deck!"
As it tries to weather trading errors that cost it $440 million, Knight Capital CEO Thomas Joyce said he has “all hands on deck” and is in close contact with creditors, clients and counterparties. Joyce said it’s “hard to comment” on discussions with creditors, as Knight stock extended a two-day plunge to 70% and the firm explored strategic and financial alternatives following a loss almost four times its annual profit. The problems were triggered on Wednesday morning by what Joyce called “a bug, but a large bug” in software as the company, one of the largest U.S. market makers, prepared to trade with a New York Stock Exchange program catering to individual investors. The trading error caused dozens of stocks to swing as much as 151%, leaving the firm with what Joyce called a “large error position.” Several analysts now say bankruptcy is a possibility if Knight fails to get financing.
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As it tries to weather trading errors that cost it $440 million, Knight Capital CEO Thomas Joyce said he has “all hands on deck” and is in close contact with creditors, clients and counterparties. Joyce said it’s “hard to comment” on discussions with creditors, as Knight stock extended a two-day plunge to 70% and the firm explored strategic and financial alternatives following a loss almost four times its annual profit. The problems were triggered on Wednesday morning by what Joyce called “a bug, but a large bug” in software as the company, one of the largest U.S. market makers, prepared to trade with a New York Stock Exchange program catering to individual investors. The trading error caused dozens of stocks to swing as much as 151%, leaving the firm with what Joyce called a “large error position.” Several analysts now say bankruptcy is a possibility if Knight fails to get financing.
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