Nasdaq Stocks

NEW YORK -- Microsoft Corp., the world's most valuable company, doesn't plan to move the listing of its shares to the New York Stock Exchange from the Nasdaq Stock Market, Chairman and Chief Executive Bill Gates said yesterday."

MIDYEAR thoughts about your money: "Stocks are almost sure to rise, thanks to the Fed. Over 30 years, only in 1985 did successive cuts fail to buoy stocks significantly." (Laszlo Birinyi, president, financial research firm) "Wednesday's Federal Reserve rate cut was pathetic; too little, too late." (Lawrence Kudlow, financial strategist, on CNBC-TV) "We expect above-average gains in the next year and advise putting reserves to work. Corporate profits will soon sink to a low, and the market anticipates an earnings turnaround by several months."

An Alex. Brown Inc. executive has surfaced as a leading candidate to head the Nasdaq Stock Market Inc., a source familiar with the selection process said yesterday.Alfred R. Berkeley III, managing director at the Baltimore-based investment banking company, is one of a handful of executives in the running to become president of the nation's second-largest stock market -- the Nasdaq."He's got the skill sets that would be good; he certainly understands technology; he certainly understands the financial markets both from the underwriting and the back office point of view," the source said.

NEW YORK -- A federal judge threw out a lawsuit accusing 33 Nasdaq market makers of colluding to keep price spreads on Nasdaq stocks artificially wide, but left the door open for the plaintiffs to file an amended suit.In a surprise decision, U.S. District Judge Robert Sweet in Manhattan ruled that the plaintiffs' claims of price fixing among market makers were too vague because they didn't specify which stocks were allegedly manipulated.Rather than giving the securities firms a complete victory, the judge granted the plaintiffs permission to file an amended lawsuit in which they would name specific stocks.

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."

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NEW YORK - Knight Trading Group Inc., the biggest matchmaker for buyers and sellers of Nasdaq stocks, reached a $79 million settlement of claims it overcharged customers. The company also said quarterly profit fell short of forecasts. The agreement with the Securities and Exchange Commission and the National Association of Securities Dealers will lower earnings in the quarter that ended June 30, the company said. Not counting settlement costs and writedowns, Knight's profit was 6 cents to 11 cents a share, less than the 15-cent average analyst forecast.

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.

Haagen-Dazs settlementThe Federal Trade Commission said yesterday that Haagen-Dazs Co. Inc. has agreed to settle agency charges it made false and misleading low-fat claims for its line of frozen yogurt products.Haagen-Dazs, based in Teaneck, N.J., represented that its entire frozen yogurt line was 98 percent fat-free and that its line of frozen yogurt bars contained 100 calories and one gram of fat per serving, the FTC said. "These claims were false for many items in each product line," the FTC said.