Oct. 28, 2014, 8:20 AM
- FQ4 net income of $211M or $0.38 per share up 6% Y/Y. Net revenues of $795M, 57% of which were asset based.
- Net new client assets of about $13B in FQ4 represents annual growth of 8%.
- Activity rate of 6.4% on average client trades per day of 403K.
- Investment product fee revenue of $83M up 24% Y/Y.
- Fiscal year 2015 EPS is guided to $1.45-$1.70 (vs. $1.42 in fiscal 2014).
- Conference call at 8:30 ET
- Previously: TD Ameritrade beats by $0.02, beats on revenue
- AMTD +1% premarket
Oct. 28, 2014, 7:32 AM
Oct. 27, 2014, 5:30 PM
- ACI, AET, AGCO, AIXG, ALR, AME, AMTD, AN, AXE, BP, CAS, CIT, CMI, CNC, CNX, COH, CPLA, CRY, CVLT, CYNO, DD, DIN, ECL, ENTG, FCX, FDP, FLWS, FMER, GLPI, GLW, HCA, HMC, HOT, HRS, ICON, IIVI, IPGP, LH, MDSO, MLM, MMC, MSM, MSO, MWV, NBL, NCI, NVS, PCAR, PCG, PES, PFE, PH, POR, RDWR, SAIA, SAVE, SCHN, SCOR, SHW, SIRI, SNCR, ST, SYRG, TECH, TKR, TRW, TTS, TWI, UBS, UTHR, VDSI, VRTS, VSH, WAB, WHR, XYL
Oct. 21, 2014, 3:12 PM
- Raymond James (RJF +2.9%) is set next month to begin offering nearly 120 commission-free ETFs to its affiliated registered investment advisors, according to the company's Mike DiGirolamo. The move comes amid similar programs already in place at shops like Schwab (SCHW +2.8%) and Ameritrade (AMTD +2.3%).
- Growing assets in its RIA division - which includes about 110 RIA firms and more than $10B in assets (vs. total client assets at RayJay of $485B) - is of great interest to Raymond James, and ETFs will play a key part. In a survey earlier this year, 41% of those RIAs queried said they invest more than 25% of total assets in ETFs.
- RayJay's initial slate of offerings on Nov. 1 will focus largely on actively managed ETFs, as opposed to Schwab and Ameritrade. Among the ETF providers participating are AdvisorShares, ALPS Advisors, First Trust, and Greenhaven.
- Previously: Schwab adds 60 funds to commission-free ETF offering
Oct. 20, 2014, 9:36 AM| Comment!
Sep. 24, 2014, 8:41 AM
- Robinhood offers commission-free stock trading (though not publicly available yet) through a slick app which, says the company, puts the interfaces of the established online brokers to shame. “It’s by far the most beautiful brokerage app, though that’s not saying much," says co-founder Vlad Tenev.
- “Most stock brokerages out there have been around for 30 years, their interfaces are clumsy, and they’re targeting older professionals and active traders. They’re no place for first time investors and that’s one of the things we focus on. Making it accessible. Having it be mobile friendly.”
- Still in friends and family private beta now, Robinhood hopes to publicly launch its app in early 2015.
- Watching with interest: ETFC, SCHW, AMTD
Sep. 17, 2014, 3:16 PM
- Leading markets higher as the reality of higher interest rates gets nearer is the financial sector (XLF +0.9%). Whether its banks, brokerages, or insurers, a higher benchmark rate for some time has been considered a key bullish catalyst. An especially large move is being seen in the online brokerage names who have been forced to forego money market fees for years thanks to ZIRP: E*Trade (ETFC +3%), Schwab(SCHW +3.2%), Ameritrade (AMTD +2%).
- Morgan Stanley (MS +1.8%), Bank of America (BAC +1.2%), JPMorgan (JPM +0.9%)
- U.S. Bancorp (USB +1.1%), Regions Financial (RF +2%), New York Community Bank (NYCB +0.8%), Huntington Bancshares (HBAN +1.3%), KeyCorp (KEY +1.3%)
- MetLife (MET +0.6%), Voya Financial (VOYA +0.7%).
- Chubb(CB +0.4%), AIG (AIG +1.1%), Hartford (HIG +0.8%)
- Financial sector ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, KIE, IAT, SEF, IYG, IAK, FXO, KBWB, FNCL, RKH, QABA, FINU, KRU, KBWR, RWW, KBWP, RYF, KBWI, KRS, FINZ
Sep. 10, 2014, 8:41 AM
- AMTD average client trades per day of 381K fell 6% from July and were roughly flat from a year ago.
- Total client assets of $665.5B gained 3% from July and 24% from a year ago.
- Average spread-based balances of $93.6B rose 2% from July, 6% Y/Y, and average fee-based balances of $143.5B flat from July and up 17% Y/Y.
- Source: Press Release
Sep. 4, 2014, 1:15 PM
- A sale of 200K shares would account for about 8% of Fred Tomczyk's holdings in TD Ameritrade (AMTD +0.1%). Following the sale, Tomczyk will continue to easily be in compliance with company policy requiring an equity stake worth 10x his salary.
- The stock will be sold between now and September 15, with the stated reasons being those of diversification and liquidity.
- Source: Press Release
Aug. 14, 2014, 10:24 AM
- Alongside its initiation of Schwab with a Buy, Deutsche's Brian Bedell starts TD Ameritrade (AMTD +0.2%) with the same rating. Of note: The outsourced banking agreement with 41% owner TD Bank allows high returns on cash management without the capital burdens or credit risk, thus giving AMTD to room for buybacks and dividends. As with Schwab, the company has substantial leverage to higher interest rates.
- As opposed to its two competitors, E*Trade (ETFC +0.1%) rates just a Hold.
Aug. 11, 2014, 8:54 AM
- July AMTD activity included 405K average client trades per day, up 8% from June and 9% from a year ago. $644.4B in total client assets down 1% from June and up 18% from a year ago.
- Average spread-based balances of $91.7B up 4% Y/Y, and average fee-based balances of $143.5B up 19%.
- Source: Press Release
Jul. 29, 2014, 10:42 AM
- It's not the first time Charlie Gasparino has floated this report, but E*Trade (ETFC +4.7%) and Schwab (SCHW +1.5%) have their tails in the air as the Fox News reporter says Goldman Sachs (GS +0.6%) is having internal discussions about whether it should swallow up one of the online brokers.
- Also on the move is Ameritrade (AMTD +1.4%).
- Previously: Goldman eyeing online brokers as trading business disappears?
Jul. 22, 2014, 7:35 AM
Jul. 21, 2014, 5:30 PM
Jun. 30, 2014, 11:25 AM
- “The smaller firms are not as driven by turnover as they are by asset level values,” says Portales Partners analyst Charles Peabody, trying to explain why low volatility - hitting hard the revenues of the trading departments of the big banks - is helpful to online players like Schwab (SCHW -0.7%), E*Trade (ETFC +0.1%), and Ameritrade (AMTD +0.4%).
- "Volatility terrifies retail investors," says fund manager Chad Morganlander. It all adds up to earnings growth, with E*Trade's adjusted profit expected to grow 55% this year and Schwab's 24%. This compares to projected declines at the big banks.
Jun. 17, 2014, 12:41 PM
- "The market seems to have spoken," writes the team at MarketWatch blogging the hearing. "Translation: Not much appetite to dramatically change the rules."
- E*Trade (ETFC +6.5%), Schwab (SCHW +5.3%), Ameritade (AMTD +4.5%), Interactive Brokers (IBKR +2%).
- The stock exchange operators are performing as well: IntercontinentalExchange (ICE +0.9%), and Nasdaq OMX (NDAQ +1.1%).
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