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Non-Tech : SWS - An undiscovered gem
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To: Frank Drumond who wrote (201)5/13/1999 2:54:00 PM
From: William F. Wager, Jr.   of 504
 
Investors are betting on what's to come, not necessarily what's in place, says Michael Flanagan, an
independent securities analyst who follows Southwest. In addition to the online brokerage, the company plans
to put its clearing on the Internet. Southwest's main business is clearing trades for other brokerages, which
involves taking care of the paperwork behind those trades.

"We can view Southwest as we did Schwab a year ago when Schwab's business was increasingly becoming
Internet-oriented. I think that's the same type of trend investors are sensing with Southwest," Flanagan says.

But most of these companies have little coverage by analysts, and this lack of pressure enables these firms to
reveal much less information about the online brokerage businesses than their competitors.

For instance, Southwest's MyDiscountBroker.com doesn't provide account or daily trade figures, two
industry stats that many publicly held brokerages do disclose.

from The St.Com
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