BancBoston Robertson Stephens Lowers Estimates on eBroker Industry, NITE And AMTD
SAN FRANCISCO, Aug. 18 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior eFinance analyst Scott Appleby today lowered his estimates on AmeriTrade Holding (Nasdaq: AMTD - news) and Knight/Trimark (Nasdaq: NITE - news). AmeriTrade Holding owns and operates two brokerage businesses under the name of AmeriTrade and AccuTrade. Knight/Trimark is a leading-market-maker in NASDAQ securities, over-the-counter equity securities and equity securities listed on the New York Stock Exchange, American Stock Exchange and in the Third Market.
''We are lowering our earnings-per-share and revenue estimates on AmeriTrade and Knight/Trimark based on:
•1. discussions with industry sources,•2. continued weakness in the markets•3. uncertainty with interest-rates and•4. further market-volume weakness,''•said Appleby. ''In addition, we are lowering our calendar-third-quarter
sequential-transaction-growth estimate for the eBroker industry from
3 to 5 percent growth to a flat to (5) percent decline."
''We are lowering our third-quarter 1999 earnings-per-share and revenue estimates for AmeriTrade from $0.01 to a loss of ($0.05) and from $80.9 million to $72.3 million, respectively,'' said Appleby. ''This results in a new fiscal 1999 earnings-per-share estimate of $0.07 versus our original estimate of $0.12.''
''We have taken our third-quarter 1999 earnings-per-share and revenue estimates for Knight/Trimark from $0.40 to $0.36 and from $236.8 million to $211.6 million, respectively,'' said Appleby. ''This results in a new fiscal 1999 earnings-per-share estimate of $1.58 versus our original estimate of $1.62.''
Clients interested in receiving more information should contact their salesperson at 415-781-9700.
BancBoston Robertson Stephens is the leading full-service investment bank focused exclusively on growth companies. For the first half of 1999, the firm completed over 100 offerings, raising more than $15 billion in capital for clients and is the leading investment bank for Internet M&A transactions. The firm's 45 research analysts cover nearly 700 companies. Founded in 1978, BancBoston Robertson Stephens is the section 20 subsidiary of BankBoston Corporation (NYSE: BKB - news). The firm employs 1,000 employees throughout the world and has offices in Boston, San Francisco, New York, Menlo Park, Chicago, London, and Tel Aviv. For more information about the firm, please visit our Web site at www.rsco.com
The following synopsis is qualified in its entirety by the more detailed information contained in the full research report, including the discussion of certain risks associated with an investment in this security contained in ''Investment Risks.''
The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of BancBoston Robertson Stephens, the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when it is, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. This Report contains forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in ''Investment Risks.'' BancBoston Robertson Stephens from time to time performs corporate finance or other services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein. While the information contained in this Report and the opinions contained herein are based on sources believed to be reliable, BancBoston Robertson Stephens has not independently verified the facts, assumptions and estimates contained in this Report. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this Report. BancBoston Robertson Stephens, its managing directors, its affiliates, and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this report is in circulation. BancBoston Robertson Stephens International Ltd. is regulated by the Securities and Futures Authority in the United Kingdom. This publication is not meant for private customers. The securities discussed herein are not FDIC insured, are not deposits or other obligations or guarantees of BankBoston N.A., and are subject to investment risk, including possible loss of any principal amount invested.
SOURCE: BancBoston Robertson Stephens |
