(BSNS WIRE) Robertson Stephens Issues Report on eBrokerage Industry; Analys
Robertson Stephens Issues Report on eBrokerage Industry; Analyst Raises
Estimates Due to Strong March Quarter
Business Editors
SAN FRANCISCO--(BUSINESS WIRE)--March 17, 2000--Robertson Stephens
Senior eFinance Analyst Scott Appleby today issued a positive report
on the eBrokerage industry and raised his sequential transaction
growth estimates for the March quarter.
"NASDAQ volume the March quarter is tracking as the strongest
ever, with an average weekly volume of 8.6 billion, a 36.6 percent
increase from last quarter," said Appleby. "We are raising our
eBrokerage sequential transaction growth for the March quarter to 35
to 40 percent, from 25 to 30 percent."
"According to Autex/OTC, Knight/Trimark average March quarter
weekly volumes are up 100 percent over December quarter volumes," said
Appleby. "We are raising our Autex/OTC volume estimates to 32.5
billion from 23 billion for the March quarter."
"In addition, we continue to like the eBrokerage leaders and are
reiterating our Buy ratings and raising our March and 2000 estimates
on E-Trade (NASDAQ:EGRP), Knight/Trimark (NASDAQ:NITE) and AmeriTrade
(NASDAQ:AMTD)," said Appleby.
"For E-Trade, we are raising our March quarter revenue and
earnings-per-share estimates to $330.0 million and ($0.16), from
$304.0 million and ($0.17), respectively," said Appleby. "Our 2000
revenue and earnings-per-share estimates increase to $1,261 million
and ($0.36) from $1,178 and ($0.48)."
"For Knight/Trimark, our March quarter revenue and
earnings-per-share estimates increase to $355.16 million and $0.70,
from $278.30 million and $0.51, and our 2000 estimates increase to
$1,214.26 million and $2.15, from $1,053.90 million and $1.82," said
Appleby.
"Finally, our March estimates for AmeriTrade increase to $149
million and $0.00, from $134 million and ($0.03)," said Appleby. "Our
2000 revenue and earnings-per-share estimates increase to $558 million
and $0.04, from $53 million and ($0.02)."
Clients interested in receiving more information should contact
their salesperson at (415) 781-9700.
Robertson Stephens is the leading full-service investment bank
focused exclusively on growth companies. In 1999, the firm completed
218 public offerings and 66 private offerings, raising more than $40
billion in capital for clients. In addition, the firm advised on over
85 M&A transactions in 1999 with an aggregate value in excess of $60
billion. The firm's 47 equity research analysts cover nearly 700
companies. Founded in 1978, Robertson Stephens (Legal name:
FleetBoston Robertson Stephens Inc.) is a section 20 subsidiary of
FleetBoston Financial Corporation (NYSE: FBF) and a member of the NASD
and all major exchanges. Together, Robertson Stephens, FleetBoston
Robertson Stephens International Ltd., and Robertson Stephens
Evergreen Securities Ltd. has over 1,000 employees worldwide with
offices in Boston, San Francisco, New York, Menlo Park, Chicago,
London, Munich and Tel Aviv.
The foregoing synopses are qualified in their entirety by the
more detailed information contained in the full research reports,
including the discussion of certain risks associated with an
investment in the above-mentioned securities 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 FleetBoston Robertson Stephens Inc., 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." FleetBoston
Robertson Stephens Inc. 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, FleetBoston Robertson Stephens Inc. 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. FleetBoston Robertson Stephens
Inc., 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.
FleetBoston 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 Fleet Bank or BankBoston N.A., and are
subject to investment risk, including possible loss of any principal
amount invested.
--30--KMK/ph*
CONTACT: Robertson Stephens Inc.
Elizabeth Denton, 202/326-1796
Meredith McKeon, 202/326-1715
TICKERS: NASDAQ:EGRP NASDAQ:NITE NASDAQ:AMTD
KEYWORD: CALIFORNIA NEW YORK MASSACHUSETTS ILLINOIS
INDUSTRY KEYWORD: BANKING COMPUTERS/ELECTRONICS
BOND/STOCK RATINGS REAL ESTATE
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