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Non-Tech : Charles Schwab (SCH) -- A tech-stock profile? -- Ignore unavailable to you. Want to Upgrade?

To: boring who wrote (1301)	4/3/2000 12:44:00 PM
From: Carol M. Morse	Read Replies (1) \| Respond to of 1390

Yep,,,I am a slave to those profits!!! Please keep up the frenzied trading! Long on Schwabie, CMM SAN FRANCISCO, April 3 (Reuters) - Charles Schwab Corp. <SCH.N>, the No. 1 U.S. discount and Internet brokerage, predicted on Monday that its first-quarter profits would nearly double to a record due to frenzied customer stock trading. Schwab, which has around 6.6 million customers, said it expected to earn $265 million to $280 million, or 31 to 33 cents per share, in the first quarter. That compares with a $143 million profit, or 17 cents per share, in the year-ago period. Revenues should rise to $1.55 billion, up 63 percent from $952 million a year ago, Schwab said. Schwab's projected profits exceed analysts estimates of 26 cents a share, according to research firm First Call/Thomson Financial. Analysts generally have underestimated the brokerage industry's profits, enabling most firms to beat estimates every quarter. Schwab's stock price gained 4 to 60-13/16 in early trading on the New York Stock Exchange. Schwab said it processed a record 320,000 trades a day it earned a commission on in March, more than double the average a year ago. The month of March was also a record month for the nation's exchanges, with the Nasdaq posting volumes of more than 2 billion shares a day on several record-breaking days. Customers of CyBerCorp Inc., the day-trading firm Schwab recently bought, generated more than 18,000 trades a day in March, up more than 600 percent from a year ago, Schwab said. Schwab's estimated first-quarter results include charges of $13 million relating to its purchase of CyBerCorp and planned acquisition of private banking firm U.S. Trust Corp. <UTC.N>. Schwab will report final first-quarter results in mid-April