Sell/Buy Ratio

First Call/Thomson Financial Insiders' Chronicle, June 11, 2001

The Selt/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
                                  NYSE
            Shares                         Value
Week      Sell-Buy                      Sell-Buy
6/11    12,859,888   7,321,794      $334,453,400   $14,456,232
6/04     3,161,590      11,556       $58,779,748      $267,486
5/28     1,454,079     172,560       $53,610,035    $1,508,887
5/21   326,228,426  41,448,695   $11,222,090,827  $751,819,390
5/14     8,332,784     885,623      $325,304,857    $4,825,977
TOTAL  352,036,767  49,840,228  $11,994,238/,867  $772,877,972
        Traders    Ratio
Week   Sell-Buy   Sell-Buy
6/11    54 - 21    2.5:1
6/04    20 - 6     3.3:1
5/28    30 - 17    1.7:1
5/21   577 - 178   3.2:1
5/14    66 - 26    2.5:1
TOTAL  747 - 248   3.0:1
                                 NASDAQ
              Shares                          Value
Week        Sell-Buy                       Sell-Buy
6/11      29,370,650    4,651,694      $720,802,805   $14,270,210
6/04     195,022,142   24,206,751       $13,799,410    $4,918,526
5/28      20,554,878  235,769,014      $496,509,234   $92,381,805
5/21   2,145,312,364   48,460,134  $126,475,190,889  $190,021,905
5/14      12,193,735   30,825,936      $251,970,209  $128,300,674
TOTAL  2,402,453,769  343,913,529  $127,958,272,547  $429,893,120
           Trders    Ratio
Week      Sell-Buy  Sell-Buy
6/11      72 - 104   0.6:1
6/04      27 - 39    0.6:1
5/28      70 - 116   0.6:1
5/21     865 - 476   1.8:1
5/14      97 - 146   0.6:1
TOTAL  1,131 - 881   1.2:1