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Friday, June 14, 2002|
May Trading Activity Slips
Retail trading activity is falling more rapidly than expected. Both Charles Schwab and Ameritrade now say that they will fall short of consensus earnings estimates on Wall Street. The culprit was a steep fall in May trading.
"May was a fairly weak month, and that softness has continued," Schwab Chief Financial Officer Chris Dodds told Reuters.
Schwab expects to earn only 7 or 8 cents a share in the second quarter against the 9 cents expected by the Street. Ameritrade expects its third-quarter earnings to range from 2 cents to 4 cents per share, short of the 4 cents expected by the Street.
Trading at the San Francisco firm during May was down 25 percent from a year ago and eight percent from April. Meanwhile, Schwab's Omaha-based rival says trading slip 5.1 percent from April to May.
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