Wednesday, 22 August 2018 08:00 AM
NEW YORK, NY / ACCESSWIRE / August 22, 2018 / It was a rough day for brokerage firms on Tuesday, with both TD Ameritrade and E*Trade Financial seeing losses after JPMorgan announced that it would be launching a brokerage app that would offer free trades. Users who download the new banking app or use the website are offered up to 100 free trades their first year according to a CNBC report. JPMorgan has been working on the technology for two years.
RDI Initiates Coverage on:
TD Ameritrade Holding Corporation
https://www.rdinvesting.com/report/?ticker=AMTD
E*TRADE Financial Corporation
https://www.rdinvesting.com/report/?ticker=ETFC
TD Ameritrade Holding Corporation shares were down a little over 7% at Tuesdays' close on roughly 12.6 million shares traded. Average trading volume for the stock is just under 2 million shares. Traders showed their concern on the news that J.P. Morgan will be launching a new digital investing service called You Invest next week. The service will include access to the bank's stock research and a portfolio-building tool and users who download the banking app or use the website will get up to 100 free trades in the first year. "There are customers out there who may not want to trust their credentials or their money to an app-of-the-month," said Jed Laskowitz, a JPMorgan veteran who runs You Invest. "We're thinking about what's right for our customers, helping them get invested and stay invested and diversified." The head of digital wealth management, Kelli Keough, remarked, "Folks that are new to investing, there's a perception that trading is expensive. We wanted to lower the hurdles. We wanted to help people invest without cost being an issue, and to reward people who are doing more business with us."
Access RDI's TD Ameritrade Holding Corporation Research Report at:
https://www.rdinvesting.com/report/?ticker=AMTD
E*TRADE Financial Corporation shares closed down 4.36% yesterday on about 6.3 million shares traded. The stock was among several brokerage stocks to see losses after reports revealed that JPMorgan is launching a new service that will offer free trades. In separate news, the brokerage firm announced results from the most recent wave of StreetWise, the E*TRADE quarterly tracking study of experienced investors. According to the results, young investors, ages 18–34, may be overly secure about achieving their desired retirement. According to the study, these investors feel confident that they will achieve their goals, with 89% saying they feel somewhat to very confident that they will save enough to enjoy their retirement. "Saving for retirement continues to be a key challenge and a core area of focus for investors," said Mike Loewengart, the VP of Investment Strategy at E*TRADE Financial. "While some younger investors have started on a solid savings path, many are exhibiting behavior that runs counter to their goals. There's a need to bridge the gap between education and action, and the good news is, it's never too late."
Access RDI's E*TRADE Financial Corporation Research Report at:
https://www.rdinvesting.com/report/?ticker=ETFC
Our Actionable Research on TD Ameritrade Holding Corporation (NASDAQ: AMTD) and E*TRADE Financial Corporation (NASDAQ: ETFC) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com