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

To: stock_bull69 who wrote (346)	3/31/1999 9:47:00 AM
From: stock_bull69	Respond to of 1390

NEW YORK, March 30 (Reuters) - Charles Schwab Corp <SCH.N>, List of stories in basket the nation's largest Internet and discount brokerage, said on Tuesday it would spend heavily on improving its Web site, which has been marred by a series of short outages this year. The firm said in a regulatory filing it would increase capital expenditures this year by 40 percent, or $76 million, to around $266 million this year. The firm attributed the increase primarily "to plans to enhance its systems capacity," according to its annual report filed with the U.S. Securities and Exchange Commission Tuesday. Schwab, which is the No. 1 online brokerage with 2.2 million accounts, has slated a full three-quarters of its capital spending to beef up its Web site's capacity and information systems. The firm also said it would increase its development spending by 35 percent, or $95 million, to around $365 million this year, for more advertising and software development. Schwab's customers funneled a record 93,000 trades a day through the firm's Web site in the fourth quarter and even more this year, according to industry estimates. The continuing popularity of Internet trading, however, caused many outages, delays and glitches at Schwab and its competitors, such as the No. 3 online broker, E*Trade Group Inc. <EGRP.O>. Schwab's clients were unable to buy and sell stock through Schwab's Web site on several occasions this year, mainly because the firm suffered glitches as it tried to add another mainframe computer. Unlike some other Internet brokerages, however, Schwab had thousands of brokers manning its phone lines to take orders from frustrated investors.