Word: datek
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...traders has linked itself to a rapidly growing number of web trading sites. Today there are over 60 e-brokers, more than twice the number of a year ago. Many are electronic branches of such giants as Charles Schwab and Fidelity Investments, but others, like E*Trade and Datek Online, dwell mainly in cyberspace. The e-brokerages themselves have been turbulent stocks. Shares of E*Trade soared last year from $11 to $47, for example, and now trade in the mid-$20 range, reflecting the increased competition. The price of Ameritrade, the first Internet broker, doubled to $38 a share...
This ceaseless demand for information has given rise to lucrative alliances between online brokers and data providers. In one such deal, Datek signed a $1.5 million agreement in January to sponsor the stock market ticker on TheStreet.com www.thestreet.com) an electronic magazine filled with news and analysis of stocks and market trends. For its money, Datek gets a button on the site of TheStreet that brings viewers to the broker's home page...
Meanwhile, Schwab's rivals are rolling out some fancy features of their own. E*Trade, which has more than 400,000 accounts with $10.2 billion in assets, last year acquired OptionsLink, an electronic service that helps companies manage employee stock-option plans. Datek offers free real-time stock quotes--a service that most brokers charge for--and promises to execute trades within one minute or refund the commission. That has helped make two-year-old Datek, which has 80,000 active accounts, the fastest growing e-broker, measured by daily transactions...
Imagine the frenzy at Charles Schwab & Co., the nation's largest online brokerage house, as it attempted to handle the siege of 1.5 million customer inquiries--three times its normal volume. Or at the boutique E-shop Datek, which handled more than 20,000 transactions, double its usual load. Similar scenes were played out in a dozen online brokerages across the country as Net users took to their computers to buy and sell stock. Whatever else the "Correction of '97" signifies, it will surely be remembered for finally sanctifying online money managing...
...Alex Goor, Vice President of Datek, an online brokerage with 50,000 accounts and $500 million in assets, proclaimed that Monday "will go down in history as the day people learned that the only way to invest was online." And financial services with even a 15-minute delayed update are "a thing of the past," says Quote.com's CEO Tom Henry. "It's the equivalent of reading quotes in the Journal the next...