Sell/Buy Ratio

First Call/Thomson Financial Insiders' Chronicle, May 14, 2001

The Sell/Buy Ratio is a calculated number of traders for the NASDAQ and NYSE. The computations are based on a distinct number of buyers and sellers for any given week. We list the NASDAQ and NYSE separately as a ratio because of the unpredictability of overall market conditions with both exchanges.

The ratio is neither bearish nor a bullish sign of current market conditions relevant to the insiders. Trades where options are part of the transaction are only included in the sell portion of the ratio. Although an acquisition of options without disposing is considered a purchase, we do not include it as part of the buy portion of the ratio.

                           THE SELL-BUY RATIO
                  Shares                         Value
Week             Sell-Buy                      Sell-Buy
NYSE
5/14        8,332,784 -     885,623     $325,304,857 -   4,825,977
5/07       19,048,469 -   7,800,818     $393,525,964 -  53,801,123
4/30        7,001,212 -     332,522      $18,699,916 -  13,203,731
4/23      306,338,437 -  37,957,926  $13,031,022,430 - 761,588,105
4/16      141,547,233 -   4,233,071   $3,883,032,467 -  79,181,707
TOTAL     482,268,135 -  51,209,960  $17,651,585,634 - 912,600,643
NASDAQ
5/14       12,193,735 -  30,825,936     $251,970,209 - 128,300,674
5/07       15,006,641 -   9,625,893     $243,146,621 -  42,112,027
4/30       48,138,040 -   3,855,965      $49,705,372 -  15,249,906
4/23      783,580,827 - 118,476,793   $9,168,206,614 - 305,213,518
4/16      253,485,267 -  40,091,950  $13,657,737,813 -  76,346,238
TOTAL   1,112,404,510 - 202,876,537  $23,370,766,629 - 567,222,363
         Traders    Ratio
Week    Sell-Buy   Sell-Buy
NYSE
5/14     66 - 26    2.5:1
5/07     18 - 8     2.3:1
4/30     11 - 31    0.3:1
4/23    369 - 90    4.1:1
4/16    183 - 109   1.6:1
TOTAL   647 - 264   2.4:1
NASDAQ
5/14     97 - 146   0.6:1
5/07     44 - 73    0.6:1
4/30     47 - 77    0.6:1
4/23    544 - 318   1.7:1
4/16    200 - 223   0.8:1
TOTAL   932 - 837   1.1:1