Sell/Buy Ratio

First Call/Thomson Financial Insiders' Chronicle, July 30, 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
7/30      1,859,030 -     125,621      $8,237,746 -   $1,451,010
7/23    118,907,747 -   4,012,704  $3,101,691,037 -  $92,307,362
7/16     25,653,465 -  11,754,670  $1,091,725,238 - $424,230,111
7/09      2,736,579 -      69,248     $74,483,228 -   $1,146,663
7/02     10,610,940 -     807,459    $446,152,297 -  $19,006,748
TOTAL   159,767,761 -  16,769,702  $4,722,289,546 - $538,141,894
NASDAQ
7/30     41,104,800 -  13,861,970    $106,239,385 -   $7,973,078
7/23    387,690,363 - 118,278,030   5,706,001,361 -  397,651,852
7/16    114,229,196 -  12,721,095  $2,629,032,475 -  $37,770,985
7/09      4,258,203 -  11,218,085     $69,160,020 -  $17,743,962
7/02     28,143,854 -  97,486,321    $937,302,153 -  $33,403,207
TOTAL   575,426,416 - 253,565,501  $9,447,735,394 - $494,543,084
          Traders     Ratio
Week     Sell-Buy    Sell-Buy
NYSE
7/30      28 - 42     0.6:1
7/23     208 - 199    2.6:1
7/16     152 - 44     3.4:1
7/09      28 - 12     2.3:1
7/02     199 - 98     2.0:1
TOTAL    695 - 305    2.2:1
NASDAQ
7/30      67 - 97     0.6:1
7/23     662 - 204    3.2:1
7/16     211 - 158    1.3:1
7/09      35 - 39     0.8:1
7/02     316 - 306    1.0:1
TOTAL   1,291 - 804   1.6:1