Knight Capital (NITE) fell in pre-market trading, down nearly 9 percent. The drop came after named a new managing director, head of institutional electronics sales in Europe, reported its second quarter earnings and its June 2008 volume statistics.
The stock was down $1.41 around 9:15 am ET, declining to $15.15. If pre-market losses hold, the stock will open at its lowest level since mid-April.
Knight Capital announced the appointment of Bradley Duke as Managing Director, Head of Institutional Electronic Sales in Europe.
The company said that Duke will be responsible for managing sales of its electronic market access and trade execution services to European-based institutional firms, including asset managers, hedge funds, pension funds, broker-dealers insurance companies and banks.
Previously, Duke was with Jefferies & Co., Inc. where he worked in European institutional electronic sales and business development for eight years.
Knight Capital reported that its second quarter net income was $29.41 million or $0.32 per share, compared to net income of $24.38 million or $0.24 per share in the same quarter last year.
The company's quarterly revenues increased to $219.1 million, from $201.4 million in the year-ago quarter.
Analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.34 per share on revenues of $222.04 million.
Knight Capital said the average daily dollar value traded in June 2008 increased 65% to $18.2 billion, from $11.0 billion in June 2007. Average daily U.S. equity trade volume was 2.0 million, compared to 1.1 million in June 2007.
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