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Gold/Mining/Energy : TD - Toronto Dominion Bank
TD 80.93+0.6%3:59 PM EST
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To: Thomas Kelly who wrote (103)2/19/1999 3:37:00 PM
From: M CAHILL  Read Replies (1) of 358
 
I'm glad the mergers were not allowed. Now TD earnings will grow faster ( mainly due to Waterhouse, and it other discount brokerages) then if it was part of a larger bank. I am also glad the government won't allow another bank purchase more than 10%, now the stock will rise not as a take over target by a fat slow growing bank, but because as it gains market share in the internet trading part of the business, eventually the general public may allow it a higher PE based on being the leader in the industry group. I think sold off last fall due to the proposed merger and a poor quarter. The recent move has just been a retracement to old highs. I think TD will continue to benefit after the IPO. If the IPO is called "Waterhouse.Com", the cash they generate will allow it to purchase more brokerages, more advertising, etc. and that will increase earnings even more. Eventually the internet part of the business will have a larger effect on earnings and market cap.

It also looks like the Waterhouse cutomers are trading more than the Schwab customers based on the numbers posted earlier. They probably will be handling as many trades as Schwab long before they pass up SCH in the number of accounts held.
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