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Charles Schwab's Stock Rises On Uptick In August Activity -- MarketWatch

MarketWatch · 3d ago

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Chares Schwab Corp.'s stock (SCHW) was up 2.2% in premarket trading after the brokerage firm said it expects its third-quarter results to finish in line with its July business update, with revenue up 2% to 3% from the second quarter. "These anticipated quarterly results reflect healthy investor engagement across Schwab's modern wealth platform and the continued slowing of rate-related client cash realignment activity," Schwab said. For August, Schwab said transactional sweep cash "declined modestly" to $366.8 billion in August from July. "Core net new assets brought to the company by new and existing clients increased to $32.8 billion for the month, up from $4.9 billion in the prior year period," the company said. Total client assets were $9.74 trillion as of Aug. 31`, up 20% from the year-ago month and ahead of July's total by 2%. Schwab reported 324,000 new brokerage accounts in August, up 4% from the year-ago month.

-Steve Gelsi

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September 16, 2024 09:01 ET (13:01 GMT)

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