( OXPS) shares slumped Wednesday after the Chicago-based brokerage posted performance metrics for May and said that it has seen a recent slowdown in business.
The company's daily average revenue trades, or DARTs, reached 30,800 in May, up 91% from a year ago, but down 2% from April. The company reported ending client assets of $4.1 billion, up 68% from a year ago, but down 2% from April. "Strong trading in April carried over to the first half of May, keeping DARTs at historically high levels," the company said. "However, we have since seen a reduction in customer engagement resulting in significantly lower activity rates and new accounts." Shares fell $3.98, or 15.3%, to $22.06 in recent trading.
gained after the discount brokerage said net new assets in May totaled $9.3 billion. Total client assets were $1.274 trillion as of month-end May, up 17% from May 2005 and down 2% from April 2006. Client daily average trades, which include daily average revenue trades, Schwab Investor Services asset-based trades and Schwab Institutional asset-based trades, were 302,600 in May 2006, up 59% from May 2005 and up 3% from April 2006.
Also, the company said it was reducing maximum stock trading fee to $12.95, down from $19.95. The basic commission charge stays the same at $9.95. The broker says it's also eliminating a number of service fees, including charges for ATM withdrawals, various checking services and electronic bill payments. Shares were losing 21 cents, or 1.4%, to $14.37 in recent trading.
W Holding Company
( WHI) slipped as the Mayaguez, Puerto Rico-based holding company for Westernbank said chief financial officer Ricardo Hernandez resigned effective Wednesday.
The bank's board of directors is conducting a search for his successor. Norberto Rivera, corporate comptroller, has been appointed to the additional position of chief accounting officer. A company news release stated that Hernandez said he does not have any disagreement with the company or its management that has led to his resignation. Shares fell 41 cents, or 6.1%, to $6.34 in recent trading.
slipped after the financial services holding company declared a cash dividend of 3.8 cents a share on its common stock. The dividend is payable July 19 to all shareholders of record at the close of trading on July 3. Shares slipped 34 cents, or 2.4%, to $14.02 in recent trading.
slipped after the bank said its second-quarter earnings would come in below Wall Street's expectations. The Cherry Hill, N.J.-based company said in a filing with the
Securities and Exchange Commission
that it expected to post earnings of 40 cents to 42 cents a share. Analysts polled by Thomson First Call were looking for earnings of 43 cents a share.
"The continued flattening of the yield curve over an extended period of time has produced an interest rate environment unlike that seen in many years," the company said in the filing. "The convergence of short-term rates and longer-term rates has reduced the company's net interest margin." Shares lost $2.21, or 6%, to $34.87 in recent trading.