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Gold/Mining/Energy : TD - Toronto Dominion Bank -- Ignore unavailable to you. Want to Upgrade?

To: Paul Butler who wrote (144)	4/12/1999 7:09:00 PM
From: Tech Expert	Respond to of 358

thanks, Paul.

To: Paul Butler who wrote (144)	4/12/1999 8:02:00 PM
From: Beltropolis Boy	Read Replies (2) \| Respond to of 358

thought you might like this reuters piece too. fwiw, i've started a thread to discuss the impending spin-off: "Waterhouse Securities IPO." for the record, i wasn't aware at the time that the company would be coined TD Waterhouse Securities ... or "TD.com." heh, heh. Subject 27199 ----- TD Bank shares rocket on e-commerce hopes April 12, 1999 05:06 PM By Scott Anderson TORONTO, April 12 (Reuters) - Shares of Toronto-Dominion Bank rocketed higher on Monday, fueled by hopes of unabated growth in the e-commerce business. The share price of TD, Canada's fifth-largest bank by assets, was up by C$5.75 at C$86.40 in heavy midday trading of 3.5 million shares on the Toronto Stock Exchange. That was off a session peak of C$87.75. Once again, the stock shattered its 52-week high -- C$80.75, reached on Friday. Traders pinned much of Monday's surge on U.S. buying in the wake of a laudatory article in U.S. investment newspaper Barron's. Last month, TD unveiled plans to sell 10 percent of its global discount brokerage, which includes U.S.-based Waterhouse Investor Services and Green Line Investor Service, in an initial public offering. Increasingly shares in the bank -- which has earned the nickname "TD.com" in recent weeks because of the huge potential of its Internet brokerage business -- are trading more like they belong in the high-tech sector than the TSE's staid financial services group. While the TSE's heavily-weighted financial services group rose a respectable 5.7 percent last week, Toronto-Dominion jumped 14.8 percent over the same period, tacking on C$10.40 in the process. The huge gains in the TD stock price pushed it to the top of the Big Six banks when it comes to market capitalization, displacing Royal Bank of Canada. TD was featured in "The Trader" column of Barron's, the influential U.S.-based weekly financial publication, on Monday. Columnist Andrew Bary argued in the article that "The booming valuation of online brokers may not be getting fully reflected in the shares of Toronto-Dominion Bank." Bary noted that the gain in TD's shares, while impressive, "paled in comparison to those (of U.S.-based discount brokerages)." Studies show shares of discount traders, like Charles Schwab Corp. SCH and AmeriTrade Holding Corp. (AMTD), have exploded higher in recent weeks following a report that trading volumes would be impressive for the first quarter which just ended. Internet-based trading has grown by 35 percent in the first quarter of this year. "The valuations of discount brokers may be wacky, but Toronto-Dominion seems to have the least crazy price," Bary wrote. "At a minimum, this should endow Toronto-Dominion with better downside protection." Fred Ketchen, director of equity trading at Scotia Capital Markets, said the Barron's article was the main attraction for investors on Monday. "Any time you get anything like that it's got to add to the glitter," he said. "Barron's is highly respected and widely read and a lot of people pay attention to what Barron's quotes in their publication." But Ketchen acknowledged the heady gains must come to an end. "Eventually it will price itself out of line. All of these things are only worth so much. We're putting a huge, huge value on the Internet brokerage business," said Ketchen. ($1=$1.49 Canadian)