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Shining Knight's Armour

Traders Magazine, July 2001

Gregory Bresiger

Knight Trading Group, a large market maker under siege, has changed leadership, elevating Peter S. Hajas to the positions of president and chief operating officer. He replaces Kenneth Pasternak, who will continue as Knight's chief executive and chairman. Hajas is chief executive of Knight Financial Products. Knight, the largest Nasdaq market maker, recently fell on hard times. Its stock has been in retreat, dropping from $25 to $10. Investors have been spooked by earnings, which recently crashed. They were down by 94 percent in the last quarter. Bad news has fueled the takeover rumors, with analysts saying Knight's true value is at least $15 a share.

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