E-Trade, Charles Schwab & TD Ameritrade
A Senate hearing on high-frequency trading drove three financial stocks higher. Shares of E-Trade, Charles Schwab and TD Ameritrade all surged as lawmakers try to determine the impact of high-speed trading on investors. The relationships those firms have with clients and businesses were called into question and an executive from TD Ameritrade faced some tough questions from Senator Carl Levin. Despite that and maybe because no definitive regulations came out of the hearing, shares of E-Trade popped about eight percent to $22. Schwab rose 5.5 percent to $27.30 and TD Ameritrade was up almost five percent to $31.58.
United Parcel Service is changing the way it charges you to ship. Starting this holiday season UPS will begin charging shippers according to the size of the box being used, not just how much it weighs, for all ground shipments. The package delivery giant says the new pricing model will lower its fuel costs. Its rival FedEx a similar change last month. UPS shares edged up
Amazon & AT&T
Amazon is still mum about its rumored smartphone, but the device may already have an exclusive carrier. According to the Wall Street Journal AT&T will be the only wireless provider to carry Amazon’s new phone, which CEO Jeff Bezos is expected to unveil tomorrow. Shares of Amazon were off slightly to $325.62. And AT&T rose slightly to $35.02.
Dividend news lifted shares of U.S. Bancorp today. The company increased its quarterly dividend by 6.5 percent. The new payout of 98 cents will be paid to shareholders in July. The stock rose slightly to $43.13.
After the close Adobe Systems reported better than expected quarterly profit and revenue. The maker of programs like Photoshop was helped by strong growth in subscription sales. Shares rose sharply after-hours, during the regular session the stock was off a bit to $67.54.