Updated from 1 p.m. EDT
Financial stocks slumped again Wednesday to mirror the movements of the broader market, but big winners emerged in online brokers TD Ameritrade (AMTD Quote) and E*Trade (ETFC Quote).
Ameritrade climbed 3.8% in furious trading after announcing that Jana Partners and SAC Capital Advisors, which have disclosed owning around 8.4% of the company with the intention of acquiring additional shares worth more than $600 million, want Ameritrade immediately to pursue a merger with another broker. The firms specifically named E*Trade and Charles Schwab (SCHW Quote) as possibilities.
The firms also stressed that they wish to avoid "interference" by 40% shareholder Toronto-Dominion Bank (TD Quote), which they say "may be standing in the way" of such a merger. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,308.26 | 1,096.07 | 2,180.05 | 34.87 |
Oil *
73.22
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DOWN
132.86
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DOWN
13.11
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DOWN
26.86
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DOWN
1.09
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10 Yr
3.49%
SPDR Gold
107.34
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-1.27%
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-1.18%
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-1.22%
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-3.03%
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