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To: BWAC who wrote (1578)	3/24/2000 8:50:00 AM
From: Esway	Read Replies (1) \| Respond to of 5499

EGRP/AMTD:US Bancorp Piper (AMTD) Reit buy online brokerage industry flourishing due to unprecedented trading volumes, raised revenue and eps estimate for March qtr (EGRP) Reit strong buy raising revenue and eps estimate for March qtr due to unprecedented trading volumes in the market

To: BWAC who wrote (1578)	3/24/2000 11:23:00 AM
From: Esway	Read Replies (1) \| Respond to of 5499

SAN FRANCISCO, Mar 24, 2000 (BUSINESS WIRE) -- U.S. Bancorp Piper Jaffray Managing Director and Senior e-Finance Analyst Stephen C. Franco, today raised his estimates on Strong Buy-rated E.Trade Group, Inc. (EGRP - $27 7/8, (a)) and Buy-rated Ameritrade Holding Corp. (AMTD - $21 15/16, (a)). E.Trade is a global leader in online-personal financial services, offering value-added investing and research features, world-class customer service and a redundant, proprietary Stateless Architecture(SM) infrastructure. Ameritrade Holding is a pioneer in the discount and online brokerage industry, providing brokerage services and clearing services to self-directed individual consumer investors and to financial institutions through its subsidiaries. "Due to the marked increase in overall trading activity, we are raising our revenue and earnings-per-share estimates on E.Trade and Ameritrade," said Franco. "We are taking our March quarter revenue and earnings-per-share estimates up on E.Trade from $296 million and ($0.21) to $350.7 million and ($0.15), respectively, based on elevated trading volume levels and higher margin loans," said Franco. "We are now modeling for 43 percent sequential growth in transaction volume and are now estimating 190,000 trades per day for the March quarter. We believe this is remarkable growth when considering that E.Trade's average daily online trades rose 61.5 percent sequentially in the December quarter." "We are raising our March quarter revenue and earnings-per-share estimates on Ameritrade from $119 million and ($0.14) to $151 million and ($0.04), respectively," said Franco. "We are projecting a 45 percent sequential increase in average-daily transactions and 117,000 trades per day." "We do not believe that the industry's stellar results have been given enough weight consideration in current valuations," said Franco. "We believe that the online brokerage space remains an attractive investment opportunity with significant room for appreciation."