Ameritrade
(AMTD) - Get Report
increased its earnings guidance for the fiscal second quarter amid record-high trading activity, and the online broker's stock climbed 3.4%.
The Omaha, Neb., company said it expects to report earnings of 19 cents a share, up from previous guidance of 13 cents a share. For the full year, Ameritrade expects to earn 79 cents a share, up from previous guidance of 53 cents a share.
The company also said it set a new record for trading activity, reporting average daily volume of 254,000 trades in January. On Jan. 20, Ameritrade posted a record 326,000 trades. The company also opened 45,000 new accounts in January, bringing its total to 3.2 million.
Ameritrade's stock was up 54 cents to $16.22 in morning trading.
Lastly, the company said it would begin reporting average and month-end balances for client margin loans. For January, the average client margin loan balances were $3 billion; client margin loan balances totaled $3.4 billion.
Rivals
E*Trade
(ET) - Get Report
and
Charles Schwab
(SCH)
rose 2.7% and 2.9%, respectively, buoyed by Ameritrade's rosy outlook.
