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In the first quarter,

Knight Trading


was clearly not where the trade

got done.

The top dealer in shares on the

Nasdaq Stock Market, said it expects first-quarter profits to fall short of expectations, due to, well, duh, the falling stock market. The firm said it expected to report earnings of 18 cents to 20 cents a share, well short of the 28 cents the 15-brokers polled by

Thomson Financial/First Call

are expecting.

On Jan. 17, the company said it expected to earn 32 cents to 40 cents for the quarter, but sharply reduced those estimates as the Nasdaq has gone into free-fall. The company earned $1.07 in the first quarter of 2000.