Discount brokers lost a vote of confidence from equity analysts at Goldman Sachs Group on Monday. In a report, Goldman cut its recommendation on TD Ameritrade Holding Corp. (AMTD) to neutral from buy, and lowered its price target to $21 from $24. It kept its ratings on The Charles Schwab Corp. (SCHW) and E*Trade Financial Corp. (ETFC) at “sell” and “buy,” respectively, but lowered its target prices on those firms and also on discount brokers OptionsXpress (OXPS) and TradeStation Group (TRAD).
<a href=http://www.investmentnews.com/apps/pbcs.dll/section?Category=Topic&keywordid=363&keywordname=The%20Charles%20Schwab%20%26%20Co.%20Inc.>The Charles Schwab Corp.</a> said daily trading volume dropped 27% in November from a year ago. That dropoff will cut into fourth-quarter profits, the retail brokerage said Monday.
Bank of America's outgoing CEO Ken Lewis says the economy may be improving but the recovery in the financial industry remains slow.
