Why Charles Schwab Stock Is Down Today
Shares of brokerage firm Charles Schwab (NYSE: SCHW) are down Thursday following this morning's release of its first-quarter numbers. Although sales and net income were both well up year over year thanks to an increase in total trading activity, a couple of key fiscal measures missed estimates. Investors chose to see the proverbial glass as half-empty rather than half-full.
Some -- or even all -- of today's sell-off, however, may be quietly attributable to something other than the company's Q1 earnings.
Charles Schwab turned record-breaking revenue of nearly $6.5 billion into a per-share profit of $1.43 during the three months ending in March, up 16% and 38% from year-ago comparisons of $5.6 billion and $1.04 (respectively), boosted largely by a 34% year over year increase in total trading volume. The company also added $140 billion in net new assets, pushing its total asset base up 19% to almost $11.8 trillion.
Source Fool.com
