Word: traded
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Dates: during 1990-1999
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Merrill announced in June that it would put up its dukes, but the move has caused some of the company's brokers and stockholders to run for cover. Merrill intends to offer two kinds of online trading accounts. One, already launched, plays to its traditional strength as a full-service brokerage, promising advice and unlimited transactions for a fee of $1,500 a year. The other is a la carte at $29.95 a trade; it won't include personal advice. Merrill's stockholders may end up better off than its brokers: the huge company's revenue stream is diversified enough...
Executives at Charles Schwab faced a similar painful trade-off in 1997. In 1996 the discount brokerage developed a separate online unit called e.Schwab. "But customers were understandably confused," says Martha Deevy, senior vice president of Schwab's electronic brokerage business. "The online customers wanted to go into a branch office to talk to someone in person, and the branch customers wanted the convenience of trading online." So Schwab gave the customers what they wanted, uniting the businesses and dropping the cost of all trades to the online price--$29.95. Schwab took a hit in the short run, the price...
Close behind is a company that never had to worry about eroding its core business or undercutting its work force. ETrade began in 1982 as an online trade service for professionals. In 1996, after current CEO Christos Cotsakos came aboard, the first incarnation of a website that today serves nearly 1.5 million investors was launched. This year, by acquiring several companies, including the largest online bank and a financial-news site, Cotsakos began transforming ETrade from an e-brokerage to an online financial-services supermarket...
...TRADE YOU Last week a group of parents sued video-game maker Nintendo Co. and others, claiming that the popular Pokemon cards promote illegal gambling. Some kids have become obsessed with trading the cards, which contain images of monsters with names such as Wartortle and Blastoise. The suit states that Nintendo issues relatively few "premium" cards, thus forcing kids to buy many packets in hopes of securing them. Rare cards have sold for $50, and fights have broken out over them. Nintendo has declined to comment on the case...
...stumbling into electronic quicksand: every attempt to escape only drew unsuspecting Net surfers, including children, more deeply into Web pages full of explicit sex. That lurid webscam, allegedly cooked up by a Portuguese hacker and an Australian company, was halted last week by a federal court after the Federal Trade Commission uncovered the brazen scheme. It worked like this: first, according to the FTC, the perpetrators replicated hundreds of legitimate websites, ranging from the Japanese Friendship Garden to the Harvard Law Review. By changing a single line of hidden software code, the culprits then ensured that any visitor calling...