It will be a bit of a challenge for management, in that they probably don't want to sound too optimistic it's generally in their best interest to keep expectations moderate. At the same time, they don't want to sound too bearish on 2005.
More Quotes from Jeffery Harte:
They're certainly looking to expand their wallet share to have a more important role with clients beyond stock trading. If they could acquire some loan- generating capacity, that would make sense.Jeffery Harte
Analysts have been raising estimates over the last three or four weeks as they've realized that fixed income was stronger than expected in the quarter.
Jeffery Harte
It's now focused on the profitability of accounts instead of the number of accounts.
Jeffery Harte
Management has done a really good job of delivering. Their business mix is still very favorable for where I think incremental growth will be next year, meaning equities, MA and retail brokerage.
Jeffery Harte
The first quarter is seasonally always the strongest, but coming off the huge year we had in '03, people figured it (fixed income) would be fine, but nothing great. But it's done much better than expected, and that's important for these banks.
Jeffery Harte
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