Schwab (SCHW) Shares Fall On Weak Forecast
By Benzinga Staff
March 12, 2010 4:05 PM
March 12, 2010 4:05 PM
Charles Schwab Corp. (NYSE: SCHW) forecasts as much as a 4 cent per share drop in Q1 profit from that in Q4, when it earned 14 cents per share. Analysts were expecting a Q1 profit of 15 cents per share.
The company said that compensation and marketing investment costs will rise in the first-quarter. Total clients assets were $1.432 trillion at the end of February, up 37% from a year ago, but that client trades were down 14%.
Schwab Chief Financial Officer Joe Martinetto said he is "increasingly convinced that the interest rate headwinds pressuring our revenues are cresting."
Schwab shares were down 3.51% to $18.43 at market close on Friday.
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