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Non-Tech : E*Trade (NYSE:ET)

ET 16.83

+0.7%

3:59 PM EST

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To: Phil Tran who wrote ()	3/6/2000 11:25:00 AM
From: Spytrdr	Read Replies (1) of 13953

Lehman raises estimates RESEARCH ALERT - Lehman ups estimates on brokers NEW YORK, March 6 (Reuters) - Lehman Bros. on Monday said it had raised first-quarter earnings estimates for three online brokerages -- Ameritrade Holdings Corp. <AMTD.O>, DLJ Direct <DIR.N> and ETrade Group <EGRP.O -- due to a jump in online stock trading volume and dropping customer-acquisition costs for these firms. -- said in a research report that the amount of money online brokerages spend on marketing should remain flat at about $362 million in the first quarter. -- said new customer accounts are expected to jump by 1.44 million in the quarter from 1.13 million in the previous quarter. -- said trading levels hit a record in February and grew even higher in the first few days of March; said these levels should translate into a 30 percent sequential increase in average trades per day for the online brokerage industry. -- said it was raising its earnings estimate on Ameritrade to a profit of 8 cents from a loss of 13 cents for the first quarter. -- said the new estimate includes $22.5 million in expenses preparing OnMoney, the company's financial aggregator subsidiary, to go public; excluding these expenses, Ameritrade should break even for the quarter, Lehman said. -- said customer-acquisition costs for Ameritrade should drop to $300 per customer from $466 in the previous quarter. -- said DLJ Direct should see its revenues jump sequentially by 15 percent to $88.1 million in the first quarter. -- raised its first-quarter earnings estimate to a profit of 1 cent a share from a loss of 6 cents. -- said ETrade is likely to spend $160 million in total marketing costs, up from an initial estimate of $130 million. -- said ETrade is expected to report 375,000 net new accounts, which means it is spending $300 for each new customer, down from $315 in the previous quarter. -- said ETrade's average trades per day should increase by 25 to 30 percent. -- said it is changing its first-quarter earnings estimate for E*Trade to a loss of 19 cents per share from a loss of 20 cents.

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