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To: Jimbo Cobb who wrote (886)	2/3/1999 8:20:00 PM
From: P.E. Allen	Respond to of 1129

Why are the discount brokerage stocks going wild? & headed higher? Read this story. TD nearing discount spin-off decision Meanwhile, shares of most online brokerages climb By Emily Church, CBS MarketWatch Last Update: 5:24 PM ET Feb 3, 1999 NEW YORK (CBS.MW) -- Toronto Dominion is likely to reach a decision within the month on plans to sell up to 20 percent of its discount brokerage business to the public. Today on CBS MarketWatch Stocks rise; Fed stands pat Rates unchanged E-Trade says problem fixed, then not Mentor dances on three upgrades Flashes: VocalTec, Newport Corp. More top stories... CBS MarketWatch Columns Updated: 2/3/99 6:29:42 PM ET Executives from the Canadian bank (TD) are working on a recommendation to their board on the stock sale of TD's widespread discount business, which includes the U.S. flagship Waterhouse Securities and Green Line Investor Services in Canada. TD is probably "going to make a final decision in the next three weeks or so," said Duncan Gibson, vice chair of the bank's Wealth Management Service. The bank announced plans to explore a stock sale late last month. See full story. "We are looking at the pros and cons and investigating what makes sense. We're a bit further along, but we haven't made any decisions at this stage," Gibson told CBS.MarketWatch.com Some analysts have said that the spin-off could value the business at some $10 billion, considering the hefty valuations investors are placing on e-brokerage leaders. Canada's Nesbitt Burns in early January valued the discount brokerage business at $6.9 billion Cdn; another valuation is closer to $8 billion Cdn. Gibson said TD would likely lead manage any part of the sale in Canada, but not in the U.S. e-brokers spike A successful stock sale would raise the cash, or currency in the form of stock, that TD would need to strike a deal with discount brokerages or other financial services industry firms. TD NYSE Last Chg. 44 3/8 +2 3/16 % Chg. Vol. +5.19% 379,600 Day Lo. Day Hi. 41 11/16 44 11/16 Open Prev. 42 42 3/16 As of Feb 03/99 8:07 pm ET Last Trade Feb 03/99 4:00 pm ET 20 MIN. DELAY Waterhouse's potential ability to make an acquisition in the online space is one reason cited by some analysts for the spike in some Internet broker stocks. The growth of online trading, and the business that brings in for the e-brokers, is another. Shares of most e-brokers skyrocketed on Wednesday. Ameritrade (AMTD) spiked 18 1/4 to 128 9/16. National Discount Brokers (NDB) rose 10 5/8 to 37 5/8 and Siebert (SIEB) climbed 23 1/2 to 49 1/2. J.B. Oxford holding (JBOH) rose 7 1/4 to 12. Ameritrade officials offered no insight Wednesday into why the company's stock was moving. "We haven't had any announcement; we haven't done anything," a spokeswoman said. Discount broker Charles Schwab (SCH) edged down 3/8 to 68 1/4. E-Trade Group (EGRP) was down 1 5/8 to 56 5/8. E-Trade posted a notice on its site asking its online customers to avoid delays by calling in their trades instead. A spokesperson said some customers couldn't execute trades. See story. Toronto Dominion shares rose 2 3/16 to close at 44 3/8. Charles Schwab Corp. last reported trading volumes of 152,000 trades a day; Waterhouse, which is in the U.S. top five, posted volume at 67,000 a day in the fourth quarter, according to CS First Boston. Online brokerage accounts account for approximately 25 percent of all retail stock trades, according to the Securities and Exchange Commission. The number of on-line brokerage accounts is expected to exceed 10 million by the end of the year, SEC Chairman Arthur Levitt said in a statement.

To: Jimbo Cobb who wrote (886)	2/3/1999 9:59:00 PM
From: Todd Pagel	Read Replies (1) \| Respond to of 1129

Jimbo..is the Alta Vista page new or has it been there a while? I suppose I should call Hank and ask him tomorrow, but if anybody knows for sure, could they please post it? Thanks.