SAN FRANCISCO, Jan 20, 2000 (BUSINESS WIRE) -- Robertson Stephens
Senior eFinance Analyst Scott Appleby today reiterated his Buy Rating
on Ameritrade (NASDAQ:AMTD), after the company reported strong first
quarter results. Ameritrade provides discount securities brokerage and
clearing execution services and related financial services, including
electronic trading and market data and research services.
"We are reiterating our Buy rating on Ameritrade, after the company
reported better-than-expected first quarter results," said Appleby.
"Net revenues came in at $110.9 million, beating our estimate of $93.7
million by 18.4 percent. Revenues increased 48.9 percent sequentially
and 104 percent year-over-year."
"The company reported record retail trading volume for the quarter,"
said Appleby. "134,000 net new accounts were added, exceeding our
estimate of 92,218 and validating the success of Ameritrade's 'Stuart'
ad campaign." Core accounts reached 686,000 and customer assets under
management reached $31.6 billion, representing year-over-year increases
of 94 percent and 112 percent, respectively."
"While bottom line growth did not fully reflect the strength of the
quarter, we believe performance indicates management's decision to
invest in the platform," said Appleby. "We believe this investment will
be a catalyst for strong performance going forward."
Clients interested in receiving more information should contact their
salesperson at (415) 781-9700.
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