Multiple securities brokerage firms experienced outages and other issues on Monday morning as retail investors rushed to trade on the news that drugmaker Pfizer (PFE) - Get Report has made serious progress on its coronavirus vaccine. Markets were hitting all-time highs on the reports.
Charles Schwab (SCHW) - Get Report tweeted that “due to a technical issue, clients may have difficulty logging in. We're working to resolve this issue as quickly as possible. Hold times may be longer than usual.”
Vanguard tweeted to a customer that “We’re so sorry for the inconvenience... We understand that some clients may have experienced difficulty accessing their accounts on our site. Our team is working to resolve this as quickly as possible.”
And TD Ameritrade (AMTD) - Get Report tweeted that “there are login issues today with our apps. Until this is resolved, please use a browser and log in at https://invest.ameritrade.com or use our TOS desktop platform. We appreciate your patience.”
Morningstar analyst Michael Wong offered a largely positive assessment of Schwab after its earnings report last week.
“Wide-moat Charles Schwab reiterated its confidence in the value of its merger with TD Ameritrade,” he wrote in a commentary. “While the interest rate environment has significantly deteriorated since the merger was announced, client assets at TD Ameritrade were up 20%, bank deposit account balances were up nearly 40%, and daily average trades were up an astounding 355%.”
“We don’t anticipate making a material change to our $45.50 fair value estimate for Charles Schwab,” Wong further noted. Schwab recently traded at $44.16, up 7.37%, but has slid 7% so far this year.