Nasdaq Market

First Mariner Bancorp says it has been notified by Nasdaq Stock Market that it still fails to meet the standards to remain listed on the exchange, according to documents filed with securities regulators on Friday. Nasdaq had given the Baltimore-based bank holding company an extension until Aug. 22 to raise its stock price to meet the $1 per share minimum for being listed. First Mariner said it appealed Nasdaq's finding during a hearing held Thursday, and the results are expected within 30 days.

An article in some editions yesterday about the debut of trading in Netscape Communications Corp. shares on the Nasdaq stock market misstated the total market value of the company. At its peak price of $75 a share on the first trading NTC day, the company's market value would have been approximately $2.85 billion. At its closing price of $58.25 that day, Netscape's market value was approximately $2.21 billion.The Sun regrets the error.

The Nasdaq Stock Market has warned First Mariner Bancorp that it failed to meet listing standards and could eventually be dropped from the electronic exchange, the Baltimore bank holding company said Tuesday. First Mariner Bancorp said Tuesday it received two letters last week from Nasdaq. Nasdaq told the parent of 1st Mariner Bank, Baltimore's largest independent bank, that it didn't meet the exchange's minimum requirements for market value and stock price. To trade on the Nasdaq Global Market, First Mariner must maintain a market value of at least $5 million and a $1-per-share stock price for 30 consecutive business days.

The Nasdaq Stock Market has warned First Mariner Bancorp that it failed to meet listing standards and could eventually be dropped from the electronic exchange, the Baltimore bank holding company said Tuesday. First Mariner Bancorp said Tuesday it received two letters last week from Nasdaq. Nasdaq told the parent of 1st Mariner Bank, Baltimore's largest independent bank, that it didn't meet the exchange's minimum requirements for market value and stock price. To trade on the Nasdaq Global Market, First Mariner must maintain a market value of at least $5 million and a $1-per-share stock price for 30 consecutive business days.

WASHINGTON -- The National Association of Securities Dealers moved yesterday toward extending Nasdaq stock market trading into the night, to meet competition from electronic networks and enable individual investors to trade securities after work.The NASD board approved a proposal calling on its staff to proceed with preparations to open trading from 5: 30 p.m. to 9 p.m. or 10 p.m. New York time for stocks in the Nasdaq 100 index -- which includes the biggest Nasdaq stocks. The Nasdaq market now is open for regular trading from 9: 30 a.m. to 4 p.m.The NASD didn't set a timetable for when it would move to extend trading hours, saying "a full, responsible and coordinated effort will take some time."

Even a casual observer could see that Mary Alice Brophy is about to enter a minefield.The director of compliance at Dain Bosworth in Minneapolis, Ms. Brophy, 48, last week was elected to chair the board of governors for the National Association of Securities Dealers. It's a powerful, prestigious position that commonly has been held by chief executives.And always has been held by a man.Founded in 1939, the NASD oversees both the nation's half-million securities brokers and the Nasdaq stock market, the country's second largest.

WASHINGTON -- Nasdaq Stock Market price changes will be listed in increments as small as 1/16th of a point, or 6.25 cents, starting this spring, the National Association of Securities Dealers (NASD) said yesterday.Dealers in the Nasdaq market will continue to quote bid and ask prices of stocks priced above $10 in increments of 1/8 of a point, or 12.5 cents, on the system's computer screens. However, "a lot of trades occur between the spread," said NASD Executive Vice President and Chief Operating Officer Richard Ketchum.

NEW YORK -- The Securities and Exchange Commission said yesterday that it is launching an extraordinary top-to-bottom review of the Nasdaq stock market, looking into allegations that its trading practices harm small investors and violate federal securities rules.Separately, Nasdaq's parent, the Washington-based National Association of Securities Dealers, announced that it will form its own "select committee" of respected securities industry figures to conduct a wide-ranging reassessment of Nasdaq's operations.

With its shares trading below $1, Corvis Corp. said yesterday that its stock listing would move from the Nasdaq national market to the Nasdaq small-cap market. The Columbia-based maker of fiber-optic equipment said the change will be effective Oct. 14 and will give the company time to regain its Nasdaq national market listing. Corvis said its stock could be moved back to the Nasdaq national market if it trades at or above $1 for 30 or more consecutive trading days. Under Nasdaq rules, companies have 180 days - or 360 if they meet certain financial requirements - to achieve that.

Sinclair Broadcast Group Inc. of Baltimore announced yesterday that it has agreed to sell all or part of three small television stations in New England and upstate New York to STC Broadcasting Inc. for $72 million.Sinclair Chief Financial Officer David Amy said his company is selling WPTZ of Plattsburgh, N.Y., and WNNE of Hartford, Vt., and is turning over to STC the management of WFFF of Burlington, Vt.The three stations were part of a package of six television and 24 radio stations Sinclair agreed to buy from Heritage Media Group for $630 million, a deal announced in July.