This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Raymond James Won't Hook Up

Raymond James (RJF - Get Report) CEO Tom James says his regional brokerage firm won't be the next to fall in an industrywide consolidation wave.

Rampant speculation has driven up the price of regional brokers in the wake of Wachovia's (WB) plan to acquire A.G. Edwards (AGE).

But in an emailed statement, James said he'd like to keep his firm independent.

"Although our stock has experienced a sympathetic 'pop' from this transaction," he said, "the long-term benefits will be achieved by staying the course. While we may be the subject of speculation, we remain committed to independence."

Raymond James' shares were up 8.5% in midafternoon trading Thursday. That's a significantly bigger bump than the other regionals, which have also risen in sympathy to Wachovia's A.G. Edwards acquisition announcement.

"As usual, the announcement of one regional firm acquired by another larger firm -- in this case, A.G. Edwards by Wachovia -- has caused a plethora of rank speculation about 'Which firm is next?'" James wrote. "Raymond James has consistently proven that remaining independent has rewarded our clients, employees and shareholders," he added.

The CEO thinks that consolidation in the industry will likely create more opportunities for his firm, with the expectation that a wave of mergers and buyouts will offer a chance to hire talent and scoop up more market share.

Rising costs have made it hard for the regional brokers to compete with bigger firms, but James is hoping his firm can persevere.

"When I first started in this business, A.G. Edwards was many times our size. Over these many years, we have almost caught them," he says.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
JEF $0.00 0.00%
WB $13.05 -1.10%
PJC $52.59 -0.53%
RJF $56.59 -0.16%
AAPL $123.92 -0.26%


DOW 17,692.58 +14.35 0.08%
S&P 500 2,059.76 +3.61 0.18%
NASDAQ 4,878.7580 +15.3960 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs