Record Industry Trading Volumes Continue, Robertson Stephens Raises Estimates on Buy Rated AMTD
SAN FRANCISCO--(BUSINESS WIRE)--Dec. 9, 1999--Robertson Stephens Senior eFinance Analyst Scott W. Appleby today provided insight into trends in the eBrokerage industry, siting recent-record-trading days on the NASDAQ.
``We believe the strong trends in trading-volume levels are continuing through the fourth quarter,' said Appleby. ``According to Factset, nine out of the top ten record-setting-volume days have occurred since November 1, breaking all previously set records. In addition, 20 of the last 24 trading days have hit record volumes for the NASDAQ top 25 list, blowing away remnants of the records set back in April.'
``Following conversations with industry sources, we believe Ameritrade Holdings Corporation (NASDAQ:AMTD - news) daily transactions are reaching record volumes this quarter,' said Appleby. ``To address this surge in recent activity, we are raising our earnings-per-share estimates from a loss of ($0.17) to a loss of ($0.13.)'
``Despite the obvious volume gains in the marketplace, we do not believe investors are adjusting expectations to reflect the operating leverage in the eBrokerage model,' said Appleby. ``We do however, expect that over the course of the next six weeks, as evidence mounts of an all time record quarter, the Robertson Stephens eBrokerage Index will rise as will the eBrokerage leaders.'
``Furthermore, we believe that Schwab will report its November trading volumes Monday, December 13,' said Appleby. ``We expect results that reflect sequential-volume growths of 30 percent to 40 percent, which we expect to be a catalyst for the eBrokerage group.'
Clients interested in receiving more information should contact their salesperson at (415) 781-9700.
BancBoston Robertson Stephens Inc. (``Robertson Stephens') is the leading full-service investment bank focused exclusively on growth companies. To date in 1999, the firm has completed over 180 public offerings and over 40 private offerings, raising more than $30 billion in capital for clients. The firm's 47 research analysts cover nearly 700 companies. Founded in 1978, Robertson Stephens is a section 20 subsidiary of FleetBoston Financial Corporation (NYSE: FBF - news) and a member of the NASD and all major exchanges. Together, Robertson Stephens, BancBoston Robertson Stephens International Ltd., and Robertson Stephens Evergreen Securities Ltd. employ over 1,000 employees worldwide with offices in Boston, San Francisco, New York, Menlo Park, Chicago, London, and Tel Aviv. For more information about the firm, please visit our Web site at www.rsco.com.
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