Monday, July 04, 2005

Bankrate's a short, says Sy Jacobs (RATE)

This weekend's Barron's contains an interview with Sy Jacobs, who manages a long-short hedge fund focused on financial stocks. Acccording to the article (paid subscription required), Jacobs' fund has delivered 17.1% annually since its inception and 14% after fees so far this year. He argues that Bankrate (ticker: RATE) is a short. His key points:

Continue reading...

Posted by David Jackson on July 4, 2005 at 12:09 AM in Sub-sector: E-finance, ticker: EBAY, ticker: RATE, ticker: SHOP | Permalink | Comments (0) | TrackBack (0)

Friday, June 24, 2005

Sell-side reaction to Ameritrade's acquisition of TD Waterhouse (AMTD)

Morgan Stanley analyst Scott Patrick sent a note to clients outlining his view of Ameritrade's (ticker: AMTD) aquisition of TD Waterhouse. Excerpts:

Continue reading...

Posted by David Jackson on June 24, 2005 at 12:07 AM in Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (0) | TrackBack (0)

Thursday, June 23, 2005

Will Ameritrade raise prices after its merger with TD Waterhouse? (AMTD)

Ameritrade (ticker: AMTD) announced Wednesday that it planned to merge with TD Waterhouse. During the ensuing conference call with financial analysts, CEO Joe Moglia was asked by Morgan Stanley analyst Scott Patrick the following: "...your typical customer, the 10.99 customer. Is that a customer that you think you can charge 17.95 for a broader service and still retain?". Mr. Moglia's response:

Continue reading...

Posted by David Jackson on June 23, 2005 at 12:14 AM in Conf call quotes, Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (5) | TrackBack (0)

Tuesday, June 21, 2005

How much will Google Wallet impact eBay (GOOG, EBAY)?

The Wall Street Journal reported that Google (ticker: GOOG) is preparing a payment service to rival eBay's (ticker: EBAY) PayPal. Here are extracts from the reactions of two sell-side analysts:

Continue reading...

Posted by David Jackson on June 21, 2005 at 12:02 AM in Sub-sector: E-finance, ticker: EBAY, ticker: GOOG | Permalink | Comments (2) | TrackBack (1)

Monday, June 20, 2005

E*Trade discusses the sweet spot for online finance (ET)

Mitch Caplan, CEO of online brokerage and bank E*Trade (ticker: ET), spoke at the Sandler O'Neil & Partners Financial Services Conference on June 8th. Here are his comments about the sweet spot for the online finance business and price pressure in the online brokerage business:

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Posted by David Jackson on June 20, 2005 at 12:01 AM in Conf call quotes, Sub-sector: E-finance, ticker: ET | Permalink | Comments (0) | TrackBack (0)

Ameritrade discusses branches and banking

Joe Moglia, CEO of online brokerage Ameritrade (ticker: AMTD), spoke at the Sandler O'Neil & Partners Financial Services Conference on June 8th. Here are his comments about adding physical branches to an online brokerage and expanding into banking:

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Posted by David Jackson on June 20, 2005 at 12:01 AM in Conf call quotes, Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (0) | TrackBack (0)

Thursday, June 16, 2005

Wells Fargo aims at Schwab, TD Waterhouse, Ameritrade, E*Trade (SCH, ET, AMTD)

Wells Fargo (ticker: WFC) is running an extensive advertising campaign offering up to 50 commission-free trades for customers with $250,000 in assets with the firm. Will this increase the pricing pressure on Ameritrade (ticker: AMTD), E*Trade (ticker: ET) and Schwab (ticker: SCH)? Details and quick comments:

Continue reading...

Posted by David Jackson on June 16, 2005 at 12:01 AM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Wednesday, June 15, 2005

Schwab trades disappoint; continues to lose accounts (SCH)

Schwab's (ticker: SCH) May trades missed Street estimates, and the company continued to lose accounts. Here's an extract from Morgan Stanley analyst Scott Patrick's note to clients:

Continue reading...

Posted by David Jackson on June 15, 2005 at 10:19 AM in Sub-sector: E-finance, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Friday, May 27, 2005

Online brokerage price war continues: Schwab (SCH) cuts options fees

From Morgan Stanley analyst Scott Patick's note to clients:

Continue reading...

Posted by David Jackson on May 27, 2005 at 09:03 AM in Sub-sector: E-finance, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Wednesday, May 25, 2005

Shopping.com (SHOP) CEO on comparison shopping for hotel rooms and mortgages

Shopping.com (ticker: SHOP) outgoing CEO Dan Ciporin made the following comments about hotel room and mortgage shopping search in an interview with Comparison Engines editor Brian Smith:

Continue reading...

Posted by David Jackson on May 25, 2005 at 12:01 AM in Sub-sector: E-finance, Sub-sector: Search, Sub-sector: Travel, ticker: SHOP | Permalink | Comments (0) | TrackBack (0)

Friday, May 20, 2005

Online brokerage price war continues: Fidelity cuts options prices

From Morgan Stanley analyst Scott Patick's note to clients:

Continue reading...

Posted by David Jackson on May 20, 2005 at 05:19 PM in Sub-sector: E-finance | Permalink | Comments (0) | TrackBack (0)

Wednesday, May 18, 2005

Sell-side reaction to Schwab's (SCH) April numbers

From Morgan Stanley analyst Scott Patrick's note to clients reacting to Schwab's (ticker: SCH) April trading, asset and account numbers:

Continue reading...

Posted by David Jackson on May 18, 2005 at 02:41 PM in Sub-sector: E-finance, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Tuesday, May 17, 2005

Ameritrade (AMTD) is not for sale

Morgan Stanley analyst Scott Patrick contacted clients after Ameritrade (ticker: AMTD) rejected E*Trade's (ticker: ET) merger overtures. From his May 12th note:

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Posted by David Jackson on May 17, 2005 at 02:56 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET | Permalink | Comments (1) | TrackBack (0)

Thursday, May 12, 2005

E-LOAN (EELN) discusses offline marketing (1Q05 conf call quotes)

E-Loan (ticker: EELN) is launching a new advertising campaign. However, in contrast to other Internet companies, E-Loan is spending its marketing dollars on offline ads, despite the greater ease of tracking return on investment of online ads. Here's how CEO Chris Larsen described the campaign on his May 10th Q1 earnings conference call:

Continue reading...

Posted by David Jackson on May 12, 2005 at 12:01 AM in Conf call quotes, Sub-sector: E-finance, ticker: EELN | Permalink | Comments (0) | TrackBack (0)

Tuesday, May 10, 2005

Sell-side thoughts on online broker consolidation

Morgan Stanley analyst Scott Patrick sent a note to clients after The Wall Street Journal reported that E*Trade (ticker: ET) had made overtures to Ameritrade (ticker: AMTD). Extract:

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Posted by David Jackson on May 10, 2005 at 12:20 AM in Sub-sector: E-finance, ticker: AMTD, ticker: ET | Permalink | Comments (0) | TrackBack (0)

Monday, May 09, 2005

Implications of an Ameritrade/E*Trade merger

The Wall Street Journal confirmed (paid subscription required) that E*Trade (ticker: ET) sent a letter to Ameritrade (ticker: AMTD)

"hoping to lure the Omaha, Neb., online trader into merger negotiations. The letter notifies Ameritrade's board of its intention to pursue a deal by signaling the price that it would be willing to pay. That price couldn't be learned."

Quick thoughts on the companies' strategies, challenges of integration, and 3 implications for competitors:

Continue reading...

Posted by David Jackson on May 9, 2005 at 09:32 AM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Friday, April 29, 2005

JRJC growth plan brings skeptical reaction (1Q05 conf call quotes)

From The China Stock Blog (permission granted): China Finance Online (ticker: JRJC), a provider of subscription-based online financial data covering China listed companies, reported Q1 2005 earnings yesterday. Here are key points from the earnings results conference call:

Continue reading...

Posted by David Jackson on April 29, 2005 at 01:27 PM in Conf call quotes, Sub-sector: China, Sub-sector: E-finance, ticker: JRJC | Permalink | Comments (0) | TrackBack (0)

Thursday, April 28, 2005

China Finance Online (JRJC) misses on continued weak subscriber growth; stock whacked in AH (1Q05 earnings)

From The China Stock Blog (permission granted):

China Finance Online (ticker: JRJC), a provider of subscription-based online financial data covering China listed companies, missed Q1 2005 EPS and revenue estimates. Details:

Continue reading...

Posted by David Jackson on April 28, 2005 at 01:23 PM in Earnings results, Sub-sector: China, Sub-sector: E-finance, ticker: JRJC | Permalink | Comments (0) | TrackBack (0)

Friday, April 22, 2005

Sell-side reaction to E*Trade's earnings

From Morgan Stanley analyst Scott Patrick's note to clients:

Continue reading...

Posted by David Jackson on April 22, 2005 at 02:19 PM in Earnings results, Sub-sector: E-finance, ticker: ET | Permalink | Comments (2) | TrackBack (0)

Thursday, April 21, 2005

E*Trade squeezes more profit from weak account growth (1Q05 earnings results)

E*Trade (ticker: ET) met consensus EPS estimates by growing operating income significantly more than revenue (14% versus 5%). Profitability per account is rising, but account growth is weak. Details:

Continue reading...

Posted by David Jackson on April 21, 2005 at 12:11 AM in Earnings results, Sub-sector: E-finance, ticker: ET | Permalink | Comments (0) | TrackBack (0)

Wednesday, April 20, 2005

E*Trade's ads are illegible

After recent speculation that E*Trade's (ticker: ET) current advertising campaign is a flop, the following ad has appeared on Yahoo! Finance (actual size):

Continue reading...

Posted by David Jackson on April 20, 2005 at 12:01 AM in Sub-sector: E-finance, ticker: ET | Permalink | Comments (2) | TrackBack (0)

Monday, April 18, 2005

Sell-side reaction to Schwab earnings

Here's an extract from the note Morgan Stanley analyst Scott Patrick sent to clients in reaction to Schwab's (ticker: SCH) Q1 earnings:

Continue reading...

Posted by David Jackson on April 18, 2005 at 06:01 AM in Earnings results, Sub-sector: E-finance, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Schwab meets consensus EPS, misses top line, continues to lose accounts (1Q05 earnings results)

Schwab (ticker: SCH) missed revenue estimates but met consensus EPS estimates on carefully controlled costs. Despite the company's recent commission reductions, Schwab continued to lose accounts. Details and a quick comment:

Continue reading...

Posted by David Jackson on April 18, 2005 at 12:01 AM in Earnings results, Sub-sector: E-finance, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Thursday, April 14, 2005

More evidence of online brokerage price war

Two more data points about the online brokerage price war, following Ameritrade's (ticker: AMTD) recent comments on its conference call:

Continue reading...

Posted by David Jackson on April 14, 2005 at 11:14 AM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Wednesday, April 13, 2005

Sell-side reaction to Ameritrade - AMTD - earnings

Morgan Stanley analyst Scott Patrick sent the following comments to clients in reacton to Ameritrade's (ticker: AMTD) earnings results:

Continue reading...

Posted by David Jackson on April 13, 2005 at 08:25 AM in Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (0) | TrackBack (0)

Ameritrade hints at impending price war (quotes from Q1 conf call)

Ameritrade CEO Joe Moglia described his dissatisfaction with Ameritrade's account and asset growth on his Q1 (FQ2) earnings conference call. Schwab (ticker: SCH) and Fidelity both cut fees and gained market share during the past quarter - Schwab retook the position of largest broker by trades. They, together with E*Trade (ticker: ET), are now aggressively courting long-term investors with substantial assets, rather than just frequent traders. Mr Moglia's comments are a "must-read" for any investor or manager in the online brokerage space:

Continue reading...

Posted by David Jackson on April 13, 2005 at 12:01 AM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (1) | TrackBack (0)

Tuesday, April 12, 2005

Ameritrade - AMTD - beats by a penny but cuts full year EPS estimate

Ameritrade reported Q1 (its fiscal Q2) EPS of $0.17, a penny above consensus, but effectively lowered its full year EPS guidance. Details:

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Posted by David Jackson on April 12, 2005 at 03:00 PM in Earnings results, Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (0) | TrackBack (0)

Thursday, April 07, 2005

Sentiment overly negative on online brokers AMTD and ET?

Morgan Stanley analyst Scott Patrick sent a note to clients arguing that investor sentiment towards online brokers Ameritrade (ticker: AMTD) and E*Trade (ticker: ET) has become too negative. He wrote:

Continue reading...

Posted by David Jackson on April 7, 2005 at 02:13 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET | Permalink | Comments (0) | TrackBack (0)

Wednesday, April 06, 2005

Will E*Trade's new ad campaign flop?

E*Trade launched a new ad campaign "to promote the Company's position as an innovative financial services provider offering superior integrated financial solutions". That makes sense, but look at this gem from the ad campaign press release:

Continue reading...

Posted by David Jackson on April 6, 2005 at 12:12 PM in Sub-sector: E-finance, ticker: ET | Permalink | Comments (0) | TrackBack (0)

Monday, April 04, 2005

E*Trade Complete offers value, but will it take share?

E*Trade (ticker: ET) launched E*Trade Complete, a financial product that includes online trading, index mutual funds, checking and savings bank accounts, online bill pay, credit cards and borrowing. Four comments:

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Posted by David Jackson on April 4, 2005 at 11:14 AM in Sub-sector: E-finance, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Ameritrade losing Freetrade customers as it moves them to iZone?

Ameritrade (ticker: AMTD) informed all customers of its Freetrade online brokerage service that it would be transitioning them to iZone, an effective price increase (to $5 per trade). But the move is generating push-back from price conscious customers, and potential customer defections. Here's the email Ameritrade customer service sent to disgruntled customers acknowledging their "concern":

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Posted by David Jackson on April 4, 2005 at 12:03 AM in Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (1) | TrackBack (0)

Monday, March 28, 2005

Gene Marcial recommends E*Trade's stock

Influential stock columnist Gene Marcial included E*Trade (ticker: ET) as one of his three picks in this weekend's Business Week. Will the column move the stock on Monday? A summary of his key points and a couple of quick comments:

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Posted by David Jackson on March 28, 2005 at 07:00 AM in Sub-sector: E-finance, ticker: ET | Permalink | Comments (0) | TrackBack (0)

Tuesday, March 22, 2005

Online brokerage price cuts continue - SCH cuts options fees

Schwab (ticker: SCH) announced a reduction in its options trading commissions. Schwab clients who place 30 or more trades per quarter or maintain household assets over $1 million at the company will now pay ($9.95 per trade plus) $0.95 per contract, versus the old price of $1.40 per contract. Morgan Stanley's Scott Patrick compares Schwab's new pricing to competitors Ameritrade and E*Trade:

Continue reading...

Posted by David Jackson on March 22, 2005 at 01:14 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Friday, March 18, 2005

Is InsWeb - INSW - a value trap?

Online insurace provider InsWeb (ticker: INSW) announced a marketing deal with AOL on Monday, and its stock spiked from $2.90 at open to an intra-day high of $3.43. Now the stock is back to below $3, yet the company has $3.66 per share on its balance sheet. Does that make it good value?

Continue reading...

Posted by David Jackson on March 18, 2005 at 08:34 AM in Sub-sector: E-finance, ticker: FWHT, ticker: INSW, ticker: IVIL, ticker: KNOT, ticker: MAMA | Permalink | Comments (0) | TrackBack (0)

Wednesday, March 16, 2005

SCH outpaces AMTD and ET in Feb trades, but continues to lose accounts

Schwab's (ticker: SCH) February trading volume growth was stronger than Ameritrade's (ticker: AMTD) and E*Trade's (ticker: ET), but it continued to lose accounts. Details and comments:

Continue reading...

Posted by David Jackson on March 16, 2005 at 04:00 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Tuesday, March 15, 2005

As BofI starts trading, investors hope rates don't rise too fast

Bank of Internet Holding (ticker: BOFI) stock started trading today. The company priced its IPO in the middle of the range, selling 3,052,174 shares (plus an underwriter's option for an additional 457,826 shares) at $11.50 per share. The IPO was lead-underwritten by WR Hambrecht using an auction method. The stock is currently trading at about $11.40.

BofI's S-1 filing is a terrific primer on Internet banking. Here are some key stats about the company's business, plus excerpts from the S-1 that describe its growth and the issues facing the online banking business as interest rates rise:

Continue reading...

Posted by David Jackson on March 15, 2005 at 02:21 PM in Sub-sector: E-finance, ticker: BOFI | Permalink | Comments (0) | TrackBack (0)

Thursday, March 10, 2005

SCH outperforms AMTD, ET in market, but loses in Barron's

Barron's published (subscription required) its carefully-watched annual ranking of online brokerages over the weekend. The top performing web-based online brokerages with their total point rankings:

Continue reading...

Posted by David Jackson on March 10, 2005 at 10:54 AM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Tuesday, March 08, 2005

eCommerce and content developments in brief

Continue reading...

Posted by David Jackson on March 8, 2005 at 08:20 AM in Sub-sector: Advertising, Sub-sector: Content, Sub-sector: E-finance, Sub-sector: E-tailing, ticker: AMZN, ticker: BFLY, ticker: BOFI, ticker: MACR, ticker: NTBK, ticker: YHOO | Permalink | Comments (0) | TrackBack (0)

Tuesday, February 22, 2005

Surprise stock implications of wealthy online user growth

Nielsen/NetRatings reports (PDF) that the fastest growing segment of Internet users by income during 2004 was the top group - those with household incomes over $150,000. Details of the Nielsen/NetRatings report, then analysis including stock implications:

Continue reading...

Posted by David Jackson on February 22, 2005 at 12:05 AM in Sector Themes/Outlook, Sub-sector: E-finance, Sub-sector: E-tailing, Sub-sector: Travel, ticker: AMZN, ticker: EBAY, ticker: IACI, ticker: NILE, ticker: PRVD, ticker: REDE, ticker: SCH, ticker: TSCM, ticker: TSG, ticker: TWX, ticker: YHOO | Permalink | Comments (1) | TrackBack (3)

Friday, February 18, 2005

How bad is Schwab's account loss over the last year?

How many online accounts do Ameritrade, E*Trade and Schwab have, and how has that number changed over the last year? Here's the answer:

Continue reading...

Posted by David Jackson on February 18, 2005 at 02:26 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

TheStreet.com (TSCM) on the online brokerage business and financial portals (quotes from the conf call)

TheStreet.com CEO Tom Clarke and COO Jim Lonergan talk about online trading and financial portals on their company's Q4 conference call:

Continue reading...

Posted by David Jackson on February 18, 2005 at 01:56 AM in Conf call quotes, Sub-sector: Content, Sub-sector: E-finance, ticker: TSCM | Permalink | Comments (1) | TrackBack (0)

Thursday, February 17, 2005

E-Loan (EELN) on marketing and the online loan market (quotes from the conf call)

E-Loan founder Chris Larsen and CEO Mark Lefanowicz discussed their company's marketing strategy and the outlook for the online loan market. Here's what they said:

Continue reading...

Posted by David Jackson on February 17, 2005 at 11:40 PM in Conf call quotes, Sub-sector: E-finance, ticker: EELN | Permalink | Comments (0) | TrackBack (0)

E-Loan (EELN) beats consensus by $0.03, stock up 14%

E-LOAN (ticker: EELN) reported Q4 results that beat analyst estimates and drove the stock up 14% in subsequent trading. Details:

Continue reading...

Posted by David Jackson on February 17, 2005 at 11:36 PM in Earnings results, Sub-sector: E-finance, ticker: EELN | Permalink | Comments (0) | TrackBack (0)

Wednesday, February 16, 2005

With E*Trade report, January data for all three e-brokers now available

With E*Trade's Janary average trades and new accounts report now in, it's possible to compare the performance of all three publicly-traded e-brokers - Ameritrade (ticker: AMTD), E*Trade (ticker: ET) and Schwab (ticker: SCH). The results:

Continue reading...

Posted by David Jackson on February 16, 2005 at 06:25 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Tuesday, February 15, 2005

Sell-side comments on E*Trade commission cut

E*Trade is the latest online brokerage to cut its commissions. Details, a quick comment, then an excerpt from a sell-side analyst's note to clients:

Continue reading...

Posted by David Jackson on February 15, 2005 at 09:55 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Monday, February 14, 2005

Schwab hemorrhages another 17,600 accounts in January, but stock up on Feb trading vols

Schwab lost another 17,600 accounts in January, despite recent commission reductions. January trades were down 13.6% from a year earlier, but February volumes seem to be holding up far better than expected. The stock is up about 2.5% in trading today. First some key stats from Schwab's report, then a quick comment and excerpt from an analyst's note to clients:

Continue reading...

Posted by David Jackson on February 14, 2005 at 11:34 AM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Friday, February 11, 2005

Ameritrade (AMTD) trading vols down, but is the stock sell-off overdone?

Ameritrade's daily average trading volumes in January came in at 175,000, slightly higher than (seasonally weak) December. With Nasdaq trading volumes down about 10% so far this month, it looks like February will be worse. But the stock's sell-off may have been overdone, according to Morgan Stanley's Scott Patrick. Here's what he wrote to clients:

Continue reading...

Posted by David Jackson on February 11, 2005 at 12:26 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Thursday, February 10, 2005

China Finance Online (JRJC) wins the award for Dorky Press Release of the Year

It's only February, but it already looks like China Finance Online has beaten Amazon's entry of a few days ago to win the award for Dorky Press Release of 2005. You'll enjoy this. Here's the headline:

Continue reading...

Posted by David Jackson on February 10, 2005 at 11:23 PM in Sub-sector: China, Sub-sector: E-finance, ticker: JRJC | Permalink | Comments (2) | TrackBack (3)

Wednesday, February 09, 2005

Fidelity price cut pressures online brokers

Fidelity cut its brokerage fees again. Despite the claims of online brokerage CEOs, there is a price war unfolding in the sector. Details, incremental stock impact and a quick comment:

Continue reading...

Posted by David Jackson on February 9, 2005 at 05:36 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (1) | TrackBack (0)

Monday, February 07, 2005

RATE cut - Bankrate.com's 4Q04 pro-forma income up only 8%, stock slumps

Bankrate.com reported Q4 earnings Thursday night. The market didn't like them; by close of trading Friday, the stock had fallen from $19 to below $15. Key points below:

Continue reading...

Posted by David Jackson on February 7, 2005 at 03:20 PM in Earnings results, Sub-sector: E-finance, ticker: RATE | Permalink | Comments (0) | TrackBack (0)

Saturday, February 05, 2005

Schwab cuts commissions

Schwab announced that it is cutting trading commissions for customers with over $50,000 of assets with the firm and those who trade 9 to 29 times per quarter. Trades will now cost $12.95 for the first 1,000 shares plus $0.015 per share thereafter. Here's what Morgan Stanley analyst Scott Patrick had to say about this, plus a quick comment:

Continue reading...

Posted by David Jackson on February 5, 2005 at 08:37 PM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Friday, February 04, 2005

Shopping.com confirms entry to financial services

Shopping.com confirmed that it will roll out comparison shopping for financial services in the first half of 2005.

Stock impact?

Continue reading...

Posted by David Jackson on February 4, 2005 at 03:28 PM in Sub-sector: E-finance, ticker: RATE, ticker: SHOP | Permalink | Comments (0) | TrackBack (0)

Wednesday, February 02, 2005

NetBank (NTBK) hit by charge and mortgage competition (4Q04 earnings)

NetBank announced that its Q4 earnings were hit by increased competition in the mortgage market and a one time expense against its . Here's what CEO Douglas Freeman said in the company's earnings release:

Continue reading...

Posted by David Jackson on February 2, 2005 at 07:15 AM in Earnings results, Sub-sector: E-finance, ticker: NTBK | Permalink | Comments (2) | TrackBack (0)

Thursday, January 27, 2005

China Finance Online reports 4Q04 results, subscriber growth flat, stock up

China Finance Online (ticker: JRJC), a provider of subscription-based online financial data covering China listed companies, announced Q4 results. MarketWatch reported that the stock rose on strong subscriber growth. But look at the numbers:

Continue reading...

Posted by David Jackson on January 27, 2005 at 06:26 PM in Earnings results, Sub-sector: China, Sub-sector: E-finance, ticker: JRJC | Permalink | Comments (0) | TrackBack (0)

Wednesday, January 26, 2005

ET - key quotes from the conference call

Here's what E*Trade Financial had to say about asset growth, reliance on trading commissions, its new low-cost index funds, and the financial synergies between its bank and brokerage businesses:

Continue reading...

Posted by David Jackson on January 26, 2005 at 11:42 PM in Sub-sector: E-finance, ticker: ET | Permalink | Comments (0) | TrackBack (0)

ET beats, adds accounts, stock falls

E*Trade reported Q4 results this morning. The stock is trading down almost 3.5% now. Highlights:

Continue reading...

Posted by David Jackson on January 26, 2005 at 10:28 AM in Sub-sector: E-finance, ticker: ET | Permalink | Comments (0) | TrackBack (0)

Monday, January 24, 2005

Are E-LOAN investors on borrowed time?

EELN is up almost 15% on news that E-LOAN will provide auto financing for eBay customers. Here's how it will work, in E-LOAN's words, then a comment and a question:

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Posted by David Jackson on January 24, 2005 at 03:03 PM in Sub-sector: E-finance, ticker: EELN | Permalink | Comments (0) | TrackBack (0)

Bankrate.com doesn't rate

A recent review of Bankrate.com finds that it "did not turn up the best deals". Here are more details, and a quick thought on impending competition:

Continue reading...

Posted by David Jackson on January 24, 2005 at 10:30 AM in Sub-sector: E-finance, ticker: RATE, ticker: SHOP | Permalink | Comments (2) | TrackBack (0)

Friday, January 21, 2005

Online mortgages growing slower than expected

Jupiter Research has scaled back its forecast for the proportion of mortgages that are initiated online. Jupiter now thinks that only 5% of purchase mortgages and 8% of refinance mortgages will originate online by 2009. Mortgage originations were expected to be a natural target for e-commerce. So what's happening?

Continue reading...

Posted by David Jackson on January 21, 2005 at 11:09 AM in Sub-sector: E-finance, ticker: CD, ticker: EELN, ticker: ET, ticker: RATE, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Wednesday, January 19, 2005

Ameritrade (AMTD) on online brokerage consolidation (quotes from the conf call)

Here's what Ameritrade had to say about consolidation in the online brokerage business, account growth, sources of profits and repurchase of stock:

Continue reading...

Posted by David Jackson on January 19, 2005 at 03:50 PM in Conf call quotes, Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (0) | TrackBack (0)

Tuesday, January 18, 2005

Ameritrade beats estimates, adds accounts

Highlights from Ameritrade's results:

Continue reading...

Posted by David Jackson on January 18, 2005 at 05:18 PM in Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (0) | TrackBack (0)

Schwab beats numbers, continues to lose accounts

Highlights from Schwab's results:

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Posted by David Jackson on January 18, 2005 at 05:07 PM in Sub-sector: E-finance, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Thursday, January 13, 2005

Schwab cuts fees again

Schwab announced yet another cut in its fees. This time, the minimum level of household assets to avoid account maintenance fees has been cut to $25,000 from $50,000 previously. But it's not enough.

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Posted by David Jackson on January 13, 2005 at 02:46 PM in Sub-sector: E-finance, ticker: SCH | Permalink | Comments (0) | TrackBack (0)

Tuesday, January 11, 2005

Ameritrade tests $5 trades

The WSJ reports that Ameritrade is testing a bare-bones online brokerage service called IZone at ameritradeizone.com. Stock trades cost only $5, but customers don't get real time quotes, research, news or investing tools. Real time quotes cost $9.99 per month, and news and research also involve extra fees. The service is available to investors with at least two years investing experience and a minimum opening balance of $5,000. Ameritrade rolled out the trial about two weeks ago with a direct-mail campaign in New York and radio and local newspaper ads in Los Angeles, Chicago, Denver and Phoenix.

Quick thoughts:

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Posted by David Jackson on January 11, 2005 at 12:03 AM in Sub-sector: E-finance, ticker: AMTD | Permalink | Comments (3) | TrackBack (0)

Thursday, December 30, 2004

Five Internet danger signs to watch for in 2005

The next few weeks will likely see a flurry of predictions for 2005, to the point where you'll be sick of reading them. So instead, I'm providing something which I hope will be more useful for investors in Internet stocks and managers of Internet companies: a checklist of danger signals for Internet investors to look out for next year. For each danger signal, I've specified which stocks will subsequently be at risk:

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Posted by David Jackson on December 30, 2004 at 11:03 PM in Sector Themes/Outlook, Sub-sector: Content, Sub-sector: E-finance, Sub-sector: E-tailing, Sub-sector: Search, Sub-sector: Travel, ticker: AMZN, ticker: ASKJ, ticker: BFLY, ticker: CNET, ticker: CTRP, ticker: EBAY, ticker: GOOG, ticker: HOLL, ticker: IACI, ticker: MSFT, ticker: NFLX, ticker: NILE, ticker: OSTK, ticker: PCLN, ticker: RATE, ticker: SHOP, ticker: TSCM, ticker: TZOO, ticker: YHOO | Permalink | Comments (5) | TrackBack (4)

Thursday, December 23, 2004

November account growth for the online brokers

Ameritrade opened 19,000 net new accounts (newly opened accounts minus closed accounts) in November. E*Trade opened 14,815 net new accounts. Schwab lost 16,600 net accounts.

But new account openings don't tell the whole story for the online brokers:

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Posted by David Jackson on December 23, 2004 at 06:52 AM in Sub-sector: E-finance, ticker: AMTD, ticker: ET, ticker: SCH | Permalink | Comments (1) | TrackBack (0)