Might Apple split benefit online brokers?

While single stock activity for Apple "lagged relevant averages" in its first day of trading post-split, notes Nomura's Steven Chubak, about 1.2M options contracts traded, a 270% increase to the 12-month daily average.

Should that upsurge be sustained, says Chubak, it would add 2% to consensus 2015 earnings for TD Ameritrade (AMTD -1.1%), and 1% to E*Trade (ETFC -2.4%).

These aren't game-changing numbers, Chubak admits, but the benefit is not yet reflected in Street estimates. "Any sustained increase in AAPL options activity is 'gravy' from our point of view, and should provide some additional revenue/earnings support."

Previously: Trading activity slowdown at Ameritrade

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