Working All Day, But Trading Behind the Bosses Back Thread Message Board

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Strategies & Market Trends : Working All Day, But Trading Behind the Bosses Back Thread

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To: Mark[ox5] who wrote ()	4/5/1999 12:15:00 PM
From: Mark[ox5]	of 779

First-quarter online trading volumes seen up 30-35 percent NEW YORK, April 5 (Reuters) - Investors funneled stock trades through the Internet at a record pace in the first quarter, and online trading volumes rose 30-35 percent to around 450,000 trades a day from the fourth quarter, one of the industry's most influential analysts said on Monday. The surge in online trading volumes came despite overall market volumes rising just under 5 percent from the fourth quarter, analyst Bill Burnham of CS First Boston said in a research note. The rise means that Web brokers processed an average of 440,000 to 460,000 trades a day in the first quarter and continue to pick off market share from traditional brokers. Publicly traded Internet brokerages AmeriTrade Holding Corp. (Nasdaq:AMTD - news) and ETrade Group Inc. (Nasdaq:EGRP - news) should report better-that-expected results in the first quarter due to the rise in volumes, Burnham said. The analyst in February had estimated online trading volumes would rise 25 percent in the first quarter. Internet trading remains wildly popular despite a series of glitches, delays and outages at many Web brokers. The nation's largest discount and Internet broker, Charles Schwab Corp. (NYSE:SCH - news) suffered at least five brief outages when it tried to install a new mainframe computer to expand its Web site's capacity. Schwab said in a recent regulatory filing it would spend heavily on improving its Web site this year. The brokerage plans to increase capital expenditures by 40 percent to around $266 million and development spending by 35 percent to around $365 million this year. Online trading volumes rose almost 40 percent to a record 340,000 trades a day in the fourth quarter. Shares of online brokers jumped on Monday morning, with AmeriTrade adding $6.44 to a record $69; ETrade up $3.13 to $63 and Schwab up $3.25 to $97.

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