rose after saying it expects fourth-quarter earnings to be at or near the high end of prior guidance of 18 cents to 23 cent a share. The online brokerage also said its August volume was up, with clients making an average of 146,000 trades per day, compared with 113,000 a year ago and 144,000 in July. Average client margin balances in August totaled about $3.6 billion. Shares of Ameritrade were up 51 cents to $20.64.
White Mountains Insurance
fell about 10% after the Bermuda-based insurance company said its total insurance and reinsurance losses from Hurricane Katrina will be $100 million to $200 million. CEO Ray Barrette said that while this is a big loss for the company, "we continue to have a strong balance sheet with a significant amount of undeployed capital." Shares of White Mountain were down $67.40 to $635.
Investment Technology Group
rose modestly after the New York-based provider of technology-based equity trading services said U.S. trading volume was 2.3 billion shares for August, up from 2 billion in July and 1.5 billion in the year-ago period. ITG said it averaged 99 million shares per trading day in August, down from 101 million a day in July, but up from 74 million a day in the year-ago period. ITG shares rose 2 cents to $29.
( AZ) edged higher after the Munich-based insurance company said Hurricane Katrina shouldn't prevent it from reaching its 2005 profit target of $4.9 billion. The company said it could pay out as much as $583 million in claims from the storm and subsequent flooding, which is believed to have killed thousands and severely damaged a large portion of the U.S. Gulf Coast. Shares of Allianz were up 2 cents to $13.56.
Jacksonville, Fla., real estate company
said it sold its subsidiary, Advantis Real Estate Services Co., to the Advantis management team. The company said the deal is expected to result in an after-tax loss of about $6 million. St. Joe Co. said about 500 Advantis employees will be transferred to the new company, which will be called GVA Advantis, with all service lines in all markets remaining in place. Shares of St. Joe Co. were up 2 cents to $71.24.