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Non-Tech : ET and the Rest -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (2410)	11/28/2000 7:44:19 PM
From: TsioKawe	Respond to of 5459

RESEARCH ALERT-DB Alex. Brown cuts brokerage estimates NEW YORK, Nov 28 (Reuters) - Deutsche Banc Alex. Brown on Tuesday lowered its earnings and revenue estimates for brokerages Ameritrade Holding Corp. (NASDAQ: AMTD), E-Trade Group Inc. (NASDAQ: EGRP) and Charles Schwab Corp. (NYSE: SCH). "Though the typical seasonal fourth-quarter up-tick in trading volumes appears ahead of schedule at this point ... most evidence points to lower retail participation in volumes thus far this quarter," analyst Glenn Schorr said in a research note. Schorr dropped his fourth-quarter revenues estimate for Ameritrade to $137.6 million from $156.7 million. He now expects the company to post break-even results for the quarter, compared with an earlier estimate of a profit of 5 cents a share. He cut his 2001 revenue estimate to $685.8 million from $783.1 million, and his earnings estimate to 40 cents a share from 60 cents. Schorr lowered his fourth-quarter revenue estimate for E-Trade to $349.0 million from $393.5 million and cut his earnings estimate to break-even from a profit of 1 cent a share. Schorr cut E-Trade's 2001 revenue outlook to $1.59 billion from about $1.75 billion but maintained his earnings estimate at 20 cents a share. On Schwab, the world's No. 1 discount and online brokerage, Schorr cut his fourth-quarter revenue forecast to $1.42 billion from $1.52 billion, and reduced his earnings estimate to 13 cents a share from 15 cents. He cut his 2001 revenue estimate to $6.56 billion from $6.7 billion, and cut his earnings estimate to 72 cents a share from 75 cents.