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Traders Magazine, March 2000

John A. Byrne


Despite the blaze of publicity for Aeroflex, the first stock since 1939 to be voluntarily delisted from the New York Stock Exchange, the stock does not seem to have triggered fireworks in Nasdaq trading. The microelectronics manufacturer, trading under symbol ARXX, took advantage of last summer's loosening of Rule 500 by the Big Board to switch to the tech-heavy Nasdaq. Market makers seem vaguely disappointed ARXX doesn't trade more actively. The average daily volume since its March 21 debut on Nasdaq is about 600,000 shares. That's comparable to the average 270,000 Aeroflex shares traded daily for the past year on the Big Board. The two-fold increase is attributed largely to dealer-to-dealer transactions on Nasdaq. The price on Nasdaq recently dropped eight points to $41 a share, trading within a range of about $5 to $7.

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