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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Jim B who wrote (12806)	3/24/2000 10:17:00 PM
From: ecommerceman	Respond to of 13953

Robertson/Stephens report... eFinance Update -- Scott Appleby - scott@rsco.com VOLUMES UPDATE: MARCH LIKELY TO PASS 40 BILLION SHARES ON NASDAQ Nasdaq's quarterly trading volume to date to date of 95 billion shares has already far exceeded the December quarter's 82 billion. The weekly average this quarter is 8.7 billion, 37% higher than the previous period. March volume continues strong and is likely to top 40 billion, we believe. Volume in Internet and other technology issues, which correlate closely to eBrokerage transaction levels, are up even more dramatically. To date, weekly volumes for Robertson Stephens NetDEX and TechDEX stocks are up 15% and 11%, respectively, over weekly averages for the December quarter. Even though all signs lead to investment opportunity, eBrokerage stocks are well below their highs. Our eBrokerage index, which closed Wednesday at 180, is up 96% from its low but still remains 56% below its all-time high of 280, set last April. While competition has increased, all metrics indicate strong growth and fertile market conditions. With 11 million accounts today, eBrokerage still represents only 15% of U.S. accounts, with lots of room for growth. KNIGHT/TRIMARK CONTINUES TO BENEFIT According to Autex/OTC, Knight quarter to date volumes have hit 29 billion with seven trading days remaining. Knight Nasdaq/Autex volume this quarter is almost double that of last quarter, while Nasdaq volume is increasing by 37%. Last week, we raised our March quarter Autex/OTC volume estimates for Knight/Trimark (NITE $52-3/4) to 32.5 billion shares from 23 billion, but it is conceivable that Knight/Trimark could surpass even those numbers. This week, Knight/Trimark announced its acquisition of a specialist post on the Philadelphia Stock Exchange from Professional Edge Fund. The company believes this will enable it to double its options contract listings on the exchange, and we see the deal as an indication of its clear vision and strategy. AMERITRADE'S NEW ACCOUNTS EXPLODE Due to surging trading volume this quarter, we are again raising EPS and revenue estimates for Ameritrade (AMTD $21-15/16). We expect the company to earn $0.07 a share, up from break-even, and $0.16 for F2000, up from $0.04. We are boosting our March quarter revenue forecast to $163 million from $149 million and for the year, we expect Ameritrade to generate $585 million, up from $558 million. Thanks largely to Ameritrade's "Stuart" campaign, account growth has exploded while account acquisition costs have plummeted to $230 from $438. We anticipate that it will add 250,000 accounts this quarter and 667,000 in fiscal 2000. Consequently, we expect Ameritrade stock could rise into the low to mid- $30s, representing more than 50% upside from current levels. ETRADE PROVIDES FREE DSL TO POWER TRADERS ETrade (EGRP $27-7/8) will deliver free DSL service to its Power ETrade Platinum customers, becoming the first online brokerage to enable its customers to access the Internet up to 50 times faster then conventional dial-up connections. Power ETrade is designed for the more active customer, who makes at least 30 transactions per quarter. This will complement the many benefits of Power E* Trade, including Nasdaq Level II quotes, preferred IPO allocation, commission as low as $4.95 and after-hours trading. eConsumer Update - Lauren Cooks Levitan - lauren@rsco.com This week the eTailDEX closed at 1,134.94, almost flat with last week's level of 1,139.15, which was almost flat with the previous week.