Charles Schwab (SCH) -- A tech-stock profile? Message Board

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Non-Tech : Charles Schwab (SCH) -- A tech-stock profile?

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To: Richard Forsythe who wrote (485)	4/15/1999 11:43:00 AM
From: William Hunt	Read Replies (1) of 1390

Thread ---Charles Schwab Corp. Dow Jones Newswires -- April 15, 1999 Schwab 1Q Earnings Strong But Profit-Taking Hits Shrs By Caroline Humer NEW YORK (Dow Jones)--Charles Schwab Corp. (SCH) on Thursday reported first-quarter earnings of 34 cents a share - at the high end of company expectations and above industry analyst expectations - but shares fell on profit-taking. Schwab announced on March 15 that earnings would come in between 31 cents to 34 cents a share. Analysts had expected earnings of 33 cents a share, according to a First Call Corp. consensus. Schwab's earnings rose from 16 cents a share a year ago as trading volume increased by more than 90% from a year ago to more than 160,000 trades a day. Customer accounts also grew a substantial 388,000 during the quarter, bringing total accounts to 5.9 million accounts and 2.5 million online accounts. Revenues, at $951.6 million, were above the company's preannounced range of $910 million to $940 million. "The numbers are very strong, and the operating trends are very strong," said Michael Flanagan, an independent securities analyst. He attributed the decline in the share price to profit-taking. "I certainly haven't gleaned any discouraging moments from the release," he said. Flanagan also noted that revenues from principal transactions more than doubled during the quarter to $131.3 million from $52.7 million a year ago. That division includes primarily profits from the firm's Nasdaq market-making unit Mayer & Schweitzer. BEST WISHES BILL

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