Posts for Ticker ‘IBKR’

Top Analyst Downgrades (AMT, AXA, NILE, CA, FDS, IBM, IBKR, ICE, NOVL, SBAC, VIA)

These are the top analyst downgrades and cautious calls we have seen from Wall Street analysts this Monday morning:

American Tower (AMT) Cut to Sector Perform at RBC.
AXA (AXA) Cut to Underweight at JPMorgan.
Blue Nile (NILE) Cut to Hold at Citigroup.
CA Inc. (CA) Cut to Hold at Jefferies.
FactSet (FDS) Started as Sell at Auriga.
IBM (IBM) Cut to Hold at Canaccord Adams.
Interactive Brokers (IBKR) Cut to Underperform at KBW.
IntercontinentalExchange (ICE) Cut to Underperform at KBW.
Novell (NOVL) Cut to Hold at Jefferies.
SBA Communications (SBAC) Cut to Sector Perform at RBC.
Viacom (VIA) Cut to Equal Weight at Barclays.

JON C. OGG

Posted on: April 6, 2009 – 7:33 am in Analyst Calls, , , , , , , , , , ,

Online Brokers Catch A Bid (SCHW, AMTD, ETFC, IBKR)

This is the new official 48-hour period to be known in the future as GOVERNMENT BACKSTOP DAYS.  While financial stocks are a big beneficiary of this, the moves being seen in online trading firms are just as large or even larger.  Here are some of the pre-market moves and we also included a change from the intraday lows of yesterday morning.

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Posted on: September 19, 2008 – 8:24 am in Brokerage Firms, HI/LOW, Internet, , , ,

TD AMERITRADE (AMTD): S.A.C. & JANA Outline Benefits For Merger Pressure

Stock Tickers: AMTD, ETFC, SCHW, IBKR

S.A.C. and JANA have issued a response to TD AMERITRADE’s (AMTD-NASDAQ) noting that this was not necessarily the best time to pursue a combination.  Of course they are in disagreement, with an 8% stake bet you could have guessed that.  They have what is actually a 21 page presentation plan you can read through for the full details.  It is admittedly a detailed plan, but many would still question this.

Here are some of the synergies in an E*TRADE (ETFC-NASDAQ) combination:

Cost synergies of $600 million;
Revenue synergies $100 million;
Expected cost Increase $108 million;
Claims single to double-digit EPS growth in 2008 & 2009;
Could be 100% stock or 75% stock and 25% cash.

Here are some of the Synergies outlined in a Charles Schwab (SCHW-NASDAQ) merger:

Cost synergies of $550 million;
Revenue synergies $450 million;
Expected cost Increase $220 million;
Claims double-digit EPS growth in 2008 & 2009;
Could be 100% stock or 50/50 stock/cash, although more concerns on this potential.

Here is the FULL PRESENTATION.  The questions behind the motivation behind this are numerous.  Obviously the first and foremost answer is to make money on the stock.  But this does not seem as straight forward as other merger proposals on the reasoning behind this, and it feels like very premature ‘activist investor’ activity.  There have been so many mergers that led up to the point where these companies are now that making a super-merger of online discount trading firms may be horrible for the trading consumer.  The truth is that this would probably not be noticed immediately, but this would leave customers with far fewer choices for a wide spectrum online and discount trading platform.

Jon C. Ogg
June 8, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: June 8, 2007 – 10:08 am in Brokerage Firms, Financial Stocks, Internet, Mergers and Buy Outs, Shareholder Issues, , , ,

Shorts Up Against Online Brokers (May 2007) (ETFC, AMTD, SCHW, NITE, OXPS, TRAD, IBKR)

Stock Tickers: ETFC, AMTD, SCHW, NITE, OXPS, TRAD, IBKR

The short interest in online brokers is often a guage as to what traders are thinking about the markets because it is one of the directly affected areas by rising or falling trading volume in the overall stock markets.  So if shares in the short interest are rising, then short sellers in these names are either building positions for an impending fall in the markets or a drop in trading volume, or they are just fighting the tape.

Stock (Ticker)                     MAY       APRIL    CHANGE
E*Trade (ETFC)             16.72M    10.96M     52%
TD Ameritrade (AMTD)  21.45M    13.96M     53%
Schwab (SCHW)            20.66M    18.2M       13.5%
Knight Trading (NITE)   10.02M    8.79M        14%
optionsXpress (OXPS)   5.05M       5.4M        -7%
Interactive Brkrs (IBKR)   415K        N/A          N/A
TradeStation (TRAD)      2.05M        2.1M       -2.6%

Jon C. Ogg
May 25, 2007

JOn Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
 

Posted on: May 25, 2007 – 8:05 am in Brokerage Firms, Internet, Short Interest, , , , , , ,

Interactive Brokers Now Public & Open (IBKR)

Stock Tickers: IBKR, ETFC, AMTD, SCHW

Interactive Brokers (IBKR-NASDAQ) has now opened after pricing its IPO.  The IPO came public via the OpenIPO(R) format from W.R.Hambrecht, and we already posted the bidding indications from prior bidding to give some indications of what to potentially expect for first day floors or caps.  Those are far from absolutes, but they could be used as a guide.

-The auction clearing price was $33.00.
-The offering price was $30.01.
-A total of 13,504 bids were received in the auction.
-A total of 8,282 bids were successful.
-A total of 145,514,807 shares, in total, were bid for at prices equal to or in excess of the offering price.
-The pro rata fill rate for bids was 27.5%.

Shares have now traded over 10 million shares and are up above $32.00.  The company has instantly grown in to a size that it can be compared to Ameritrade (AMTD-NASDAQ) and E-Trade (ETFC-NASDAQ), although it is still far short of Charles Schwab (SCHW-NASDAQ).  At the pricing, the company was worth roughly $12 Billion in market cap, but we’ll follow up on that with more precise numbers later.

Jon C. Ogg
May 4, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: May 4, 2007 – 10:02 am in Brokerage Firms, Financial Stocks, IPOs, , , ,

Interactive Brokers IPO Terms Set Even Higher

Interactive Brokers (IBKR-NASDAQ) priced 40 million share IPO at $30.01 per share.  This is now a $1.2 Billion deal and the share count by the end of the bidding was essentially raised twice and with a higher price range.

This is under the OpenIPO® format from W.R.Hambrecht.  HSBC, Fox-Pitt Kelton, Sandler Oneill, and E-Trade were also participating in the deal.  Needless to sday, the demand is there since this is the largest international market trading platform for individuals by giving access to more than 60 different markets between global equity exchanges, futures, options, and currencies.

If you are looking for what a bidding guideline range was, they at least published this:

-The auction clearing price was $33.00.
-The offering price was $30.01.
-A total of 13,504 bids were received in the auction.
-A total of 8,282 bids were successful.
-A total of 145,514,807 shares, in total, were bid for at prices equal to or in excess of the offering price.
-The pro rata fill rate for bids was 27.5%.

Jon C. Ogg
May 4, 2007

Posted on: May 4, 2007 – 7:43 am in Brokerage Firms, Financial Stocks, IPOs,