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Non-Tech : CSFB Direct(DIR)
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To: Mohan Marette who wrote ()5/27/1999 12:59:00 AM
From: Tae Spam Kim  Read Replies (1) of 406
 
DLJ Direct rose 50% in its first day of trading. This tracking stock was issued to follow the performance of the DLJ's online trading division. Personally I don't understand why anyone would want to buy a tracking stock, which comes with no voting rights or claims on corporate assets whatsoever.

DLJDirect rose 50 percent percent on the online broker's first trading day, even as investors questioned whether the prices of some Internet companies are too high for their expected earnings. The shares rose 10 to close at 30. Unlike E*Trade, the No. 2 online broker, DLJDirect is profitable. It earned $7.2 million in the first quarter versus a year-earlier loss of $2.2 million. Revenue almost doubled to $47.2 million, while active accounts rose 16 percent to 243,000. LJDirect plans to use much of the money for advertising and expansion. The seventh-largest online broker is expected to open in the U.K. this quarter, and is exploring joint ventures in 11 other countries on five continents. "It gives us the opportunity to raise the type of money we need to go forward in our marketing and acquisition efforts,'' Darcy said. "We're in the branding wars now in the online brokerage business and it's gotten very expensive to effectively advertise your business and acquire accounts.'' - News.com

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