Ameritrade

(AMTD) - Get Report

adjusted its earnings forecast for the next two quarters and the fiscal year, saying it was seeing a "lackluster market performance."

The company, which yesterday

indicated it wasn't interested in

E*Trade's

(ET) - Get Report

merger proposal, reported 140,000 average client trades a day in April. As of April 29, qualified accounts totaled 1.7 million. The company opened 34,000 new accounts and closed 19,000 accounts during April, resulting in 3.7 million total accounts.

Ameritrade expects to earn 16 cents to 21 cents a share for the June quarter and 18 cents to 23 cents a share for the September quarter. The company forecast fiscal-year earnings of 73 cents to 83 cents a share.

Analysts polled by Thomson First Call are looking for earnings of 19 cents a share in the June quarter and 20 cents a share the following quarter. Wall Street's estimate is 78 cents for the fiscal year.

"We're seeing lackluster market performance and feel retail investors are waiting for economic conditions to improve. Therefore, we feel it is prudent to adjust our earnings guidance at this time," CEO Joe Moglia said in a press release.

The company reported average client margin balances in April of about $3.5 billion. On April 29, client margin balances totaled about $3.5 billion and client assets were around $73 billion.

Meanwhile,

Knight Capital

(NITE)

, the big

Nasdaq

market maker, reported disappointing trading numbers for April. The firm, which recently changed its name from Knight Trading, said the average daily dollar value of trades was $6.89 billion, down 8.7% from March and down 16.7% from April 2004.

"The difficult market climate in the first quarter continued in April, so we were not surprised by April's numbers," said Thomas Joyce, the company's chairman and chief executive officer. "We've seen volumes decline across the board."