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Stock Market & Financial Investment News

News Breaks
December 14, 2012
08:46 EDTSCHWCharles Schwab reports November activity highlights
Company highlights for the month of November include: Net new assets brought to the company by new and existing clients in November 2012 totaled $16.2B, including a $5.4B inflow related to a mutual fund clearing services client and a $0.9B outflow related to a planned transfer from Corporate Brokerage Services. Total client assets were a record $1.92 trillion as of month-end November, up 15% from November 2011 and up 1% compared to October 2012. Client daily average trades were 431.8 thousand in November 2012, flat compared to November 2011 and down 2% compared to October 2012. November 2012 trading activity included a 6% sequential increase in daily average revenue trades.
News For SCHW From The Last 14 Days
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January 23, 2015
12:00 EDTSCHWE-Trade rallies after Q4 results beat estimates, capital plan approved
Shares of online broker E-Trade Financial (ETFC) are rising after the company’s fourth quarter results surpassed analysts’ consensus estimates and announced it has received regulatory approval realign its organizational structure. WHAT'S NEW: Last night, E-Trade reported Q4 adjusted earnings per share of 26c and revenue of $461M, topping analysts' consensus estimates of 23c and $445.11M, respectively. Quarterly results excluded a $59M pre-tax loss on early extinguishment of corporate debt. For the quarter, Daily Average Revenue Trades, or DARTs, were 168,000, an increase of 10% from the third quarter. The company ended Q4 with 3.1 million brokerage accounts, an increase of 17,000 from the end of Q3, and brokerage account attrition for Q4 was 9.1%. E-Trade said that the company added $3.5B in net new brokerage assets in Q4, or an annualized growth rate of 5.8%. The company also ended the quarter with $290B in total customer assets, compared with $282B at the end of Q3. Provision for loan losses was $10M in Q4, unchanged from Q3, while net-charge offs were $7M, comapred with $10M in Q3. The company reported bank and consolidated Tier 1 leverage ratios of 10.6% and 8.1%, respectively, as of December 31, compared with 10.4% and 7.7% in the prior quarter. WHAT’S NOTABLE: E-Trade announced that it has received regulatory approval to operate E*TRADE Bank at a Tier 1 leverage ratio of 9%, and realign its organizational structure by moving its two broker-dealers-- E*Trade Securities and E*Trade Clearing -- from under E*Trade Bank, which it says will simplify the distribution of capital generated by those entities to the parent company. E*Trade Securities will be moved in early February, while the move of E*Trade Clearing is expected to be completed later in the year. The approval to move these subsidiaries allows the company to distribute approximately $430M of their excess capital to the parent, the company added. Separately, the company announced on its earnings conference call that Chief Marketing Officer Liza Landsman will leave the company to pursue other opportunities. ANALYST REACTION: This morning, Credit Suisse upgraded E-Trade to Outperform from Neutral. The firm believes E-Trade is on the path to unlock substantial value and views the company's regulatory approval to separate its broker dealer unit and release excess capital from the bank subsidiary is a "turning point" for value creation. The firm raised its price target on the shares to $28 from $24. Another firm, JMP Securities, said E-Trade achieved a "crucial milestone." After E-Trade announced that it had received approval to move forward on its capital plan, freeing up significant excess capital, JMP Securities believes that this development could add 50c-$1.00+ to the company's EPS. The firm kept a $28 price target and Outperform rating on the shares. PRICE ACTION: In late morning trading, E-Trade rose $2.05, or about 9.05%, to $24.70 on approximately twice its average daily trading volume. Including today’s advance, the stock has gained approximately 17% over the past twelve months. OTHERS TO WATCH: Other online brokers include Charles Schwab (SCHW) down 1.12%, TD Ameritrade (AMTD), down 0.4%, and Interactive Brokers (IBKR), up 1.34%.
January 16, 2015
08:48 EDTSCHWCharles Schwab says EPS includes 1c gain
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08:47 EDTSCHWCharles Schwab reports Q4 EPS 25c, consensus 24c
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06:51 EDTSCHWCharles Schwab volatility elevated into Q4 and outlook
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