November Numbers are in - Lehman's Ignorance Highlighted

On 12/3/2004 Lehman's lame analyst Roger Freeman downgraded AX (though he upped his price target 33% - from 18 to 24!) citing AX's 1.2% decline in Nasdaq market share from 10/2004 through 11/2004. We've already discussed his disregard for AX's 1.1% year/year gain in NYSE market share, but today's numbers regarding November's volume (see here http://tinyurl.com/3m768) indicate that Freeman missed another important factor - from 10/2004 through 11/2004 AX gained 1.1%. This indicates that AX's NYSE-listed share is on the rise and essentially compensates for any loss of Nasdaq market share during the same period.

Seems logical that Freeman/Lehman (read: Lame-men) would release comments regarding AX's increase in NYSE-volume since that's a pretty significant trend, and one that management has said is a priority for growth. To be sure, AX is executing on its goals, has strong diversification in terms of markets it is taking share from, and is incredibly well positioned for any Regulation NMS fallout.