1. Based on the electronic limit order books for Lowes (LOW) and Home Depot (HD) below, compute the percentage spread and dollar depth for the two stocks. How much price impact has a market order to buy ~$150,000 of LOW vs a market order to buy ~$150,000 of HD (when finding the number of shares corresponding to $150,000, round to the nearest whole number of shares and assume that partial execution is possible)? Based on these results, which stock appears to be more liquid? 
Position Low NAO Armed High NAO X LOW - Orders Quote Panel Financial Instrument Bid Ask Last Change LOW NAO NAO NAO Buttons Close Position Reverse Position View Account Deep Book Buttons NYSE OpenBook ArcaBook NASDAQ Totalview BEX BATS IEX Others Orders Log Trades Portfolio Quantity Time in Force Action Type Lmt Price Aux. Price Destination Status Cum Size MM Name ARCA IEX NYSE ISLAND BATS 4 Bid Size 1 3 2 1 1 Price 202.53 202.53 202.53 202.50 202.42 Avg Price 202.530 202.530 202.530 202.526 202.513 MM Name IEX NYSE BATS AMEX ISLAND Price 202.55 202.55 202.61 202.62 202.62 Ask Size 4 1 2 1 1 Cum Size 4 5 7 8 9 Avg Price 202.550 202.550 202.567 202.574 202.579 Noc 6 7 8 Position HD - Orders Quote Panel Financial Instrument Bid Ask Last Change HD NAO NA O NAO NAO Buttons- Close Position Reverse Position View Account Deep Book Buttons- NYSE OpenBook ArcaBook NASDAQ Totalview BEX BATS Low NAO Armed High NAO X IEX Others Orders Action Log Trades Portfolio Quantity Time in Force Type Lmt Price Aux. Price Destination Status MM Name ARCA IEX NYSE ISLAND BATS Price 324.30 324.30 324.30 324.26 324.22 Bid Size 1 2 1 1 1 Cum Size 1 3 4 5 6 Avg Price 324.300 324.300 324.300 324.292 324.280 MM Name BATS IEX NYSE ISLAND ARCA Price 324.35 324.35 324.35 324.42 324.43 Ask Size 1 5 2 2 1 Cum Size 1 6 8 10 11 Avg Price 324.350 324.350 324.350 324.364 324.370 NN Position Low NAO Armed High NAO X LOW - Orders Quote Panel Financial Instrument Bid Ask Last Change LOW NAO NAO NAO Buttons Close Position Reverse Position View Account Deep Book Buttons NYSE OpenBook ArcaBook NASDAQ Totalview BEX BATS IEX Others Orders Log Trades Portfolio Quantity Time in Force Action Type Lmt Price Aux. Price Destination Status Cum Size MM Name ARCA IEX NYSE ISLAND BATS 4 Bid Size 1 3 2 1 1 Price 202.53 202.53 202.53 202.50 202.42 Avg Price 202.530 202.530 202.530 202.526 202.513 MM Name IEX NYSE BATS AMEX ISLAND Price 202.55 202.55 202.61 202.62 202.62 Ask Size 4 1 2 1 1 Cum Size 4 5 7 8 9 Avg Price 202.550 202.550 202.567 202.574 202.579 Noc 6 7 8 Position HD - Orders Quote Panel Financial Instrument Bid Ask Last Change HD NAO NA O NAO NAO Buttons- Close Position Reverse Position View Account Deep Book Buttons- NYSE OpenBook ArcaBook NASDAQ Totalview BEX BATS Low NAO Armed High NAO X IEX Others Orders Action Log Trades Portfolio Quantity Time in Force Type Lmt Price Aux. Price Destination Status MM Name ARCA IEX NYSE ISLAND BATS Price 324.30 324.30 324.30 324.26 324.22 Bid Size 1 2 1 1 1 Cum Size 1 3 4 5 6 Avg Price 324.300 324.300 324.300 324.292 324.280 MM Name BATS IEX NYSE ISLAND ARCA Price 324.35 324.35 324.35 324.42 324.43 Ask Size 1 5 2 2 1 Cum Size 1 6 8 10 11 Avg Price 324.350 324.350 324.350 324.364 324.370 NN
