Found on RB:
Schwab going after daytraders???
I'm confused. Buy prestegious US Trust, then buy daytrading firm!
Schwab Most Likely to Buy Texas Online Trading Firm, Paper Says
San Francisco, Jan. 21 (Bloomberg) -- Charles Schwab Corp., the largest Internet broker, is the most likely buyer for CyBerCorp.com, an online broker for frequent stock traders, the San Francisco Chronicle reported, citing unidentified people familiar with the situation. Austin, Texas-based CyBerCorp is talking with several other suitors, though Schwab seems to be the most willing to pay the $100 million or more the company is asking in order to win CyBerCorp's technology for locating the best stock prices on various trading systems. CyBerCorp's 2,500 clients carry out 20,000 trades a day, or eight a day each; Schwab's 3.3 million online customers execute just 234,000 trades a day, or two a month each, the Chronicle said.
Schwab said Tuesday that fourth-quarter profit rose two- thirds, matching expectations, as customers poured a record $33.3 billion in new assets into their accounts.
(SFC 1/21 B1)
Jan/21/2000 13:36 |
