Word: schwab
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Dates: during 2000-2009
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...MONEY: Schwab shake-up; healthier cocktails; stealthier surfing...
More than ever, investors of modest means who are looking for financial advice will have to go it alone. That's the lesson behind last week's sacking of CEO David Pottruck at discount brokerage Charles Schwab. Since taking the sole helm at Schwab 14 months ago, Pottruck has been unable to make the firm's middle-market strategy pay. And with onetime everyman firms like Dean Witter gone and Merrill Lynch refocused on the rich, it's not clear that anyone will step up with a full plate of services for ordinary folks...
...tweeners are where Schwab has been operating--without much success. Despite acquisitions like U.S. Trust and Soundview Financial, which have broadened Schwab's product mix, the firm has been unable to persuade clients to pay more for research and advice. The firm's spotty record hasn't helped. Since May 2002, Schwab's lowest-rated stocks have outperformed its top-rated stocks. "They're trying to be too many things to too many people," says Lauren Smith, analyst at investment firm Keefe, Bruyette & Woods...
...likely to get caught off guard. So if you plan to buy a car this fall, for example, it's not necessarily bad to hold the money in a 60-day CD while you shop around, says Rande Spiegelman, head of financial planning at Charles Schwab. For retirees investing large sums in cashlike investments, says Yeske, longer-term CDs are fine as part of a ladder, a strategy in which CDs of different maturities expire at different times...
ENERGY Kerry would push for tougher emissions standards, which would hurt coal companies like Massey Energy and coal-burning utilities like Southern and FirstEnergy. "Alternative energy sources [Vesta Wind Systems, Tetra Tech] would benefit," says Greg Valliere, Washington strategist at Schwab. Bush's willingness to expand oil drilling in Alaska might help BP and Nabors Industries...