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| Competitive Advantage |
| Price |
| Nearly two thirds of the stocks that transferred in 2005 experienced a decline in price after leaving the Amex. This is a clear example of how no market can promise a higher share price.*
Source: American Stock Exchange, Nasdaq, FactSet Research Systems, Inc.
Transfer performance is based upon the last 20 trading days on the American Stock Exchange versus subsequent three 20-day trading periods on Nasdaq for all companies that transferred to Nasdaq during 2005. *Other factors may impact price.
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