The Zacks Analyst Blog Highlights:TD Ameritrade Holding, Toronto-Dominion Bank, Corcept Therapeutics, Shire and Jazz Pharmaceuticals
CHICAGO, Aug. 13, 2013 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include theTD Ameritrade Holding Corporation (NYSE:AMTD-Free Report), The Toronto-Dominion Bank (NYSE:TD-Free Report), Corcept Therapeutics Inc. (Nasdaq:CORT-Free Report), Shire (Nasdaq:SHPG-Free Report) and Jazz Pharmaceuticals (Nasdaq:JAZZ-Free Report).
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Here are highlights from Monday's Analyst Blog:
TD Ameritrade's July Trades Rise
Last week, TD Ameritrade Holding Corporation (NYSE:AMTD-Free Report) – an online brokerage firm – reported a rise in average client trades from the prior year in its Activity Report for the month of Jul 2013. However, U.S. trades fell 6% from the prior month levels.
For the reported month, average client trades were 373,000, up 12% year over year. The rise in client trades largely resulted from a resurgence in the equity markets.
For the month, TD Ameritrade reported $544.2 billion in total client assets, up 21% year over year and 4% from the prior month. Moreover, average spread-based balances increased 18% year over year to $88.2 billion. Further, these balances nudged up 1% from Jun 2013.
At July-end, average fee-based balances were recorded at $120.6 billion, rising 33% year over year and 2% from the prior month.
Quarterly Performance
As of Jun 30, 2013, average client trades per day increased 12% year over year to 399,216. Net new client assets were $10.8 billion, up 11% from $9.7 billion in the past year.
At the end of June, TD Ameritrade reported total client assets worth $523.5 billion, up 18% year over year. Moreover, average spread-based balance was $84.7 billion, up 14% from $74.2 billion in the prior-year quarter. Average fee-based balance was $118.1 billion, up 34% year over year.
Our Viewpoint
Innovations in online trading, long-term investment in products and services, delivery of advanced customer service, creative as well as cost-effective marketing and sales, along with prudent expense management are the key factors behind TD Ameritrade's strategy of boosting its trading and investing business.
Further, the company's association with The Toronto-Dominion Bank (NYSE:TD-Free Report) provides an opportunity to cross-sell its products. This is expected to be a significant growth driver for TD Ameritrade's organic assets.
Amid a volatile operating environment, TD Ameritrade witnessed a rise in both organic client assets and trading volumes, which will benefit the company. However, a low interest rate environment and stringent regulations will likely be dampeners.
Corcept's Q2 Loss In-Line with Expectations
Corcept Therapeutics Inc. (Nasdaq:CORT-Free Report) posted a loss per share of 11 cents in the second quarter of 2013, in line with the Zacks Consensus Estimate, but wider than the year-ago loss of 9 cents.
Corcept generated revenues of $1.9 million in the second quarter of 2013, missing the Zacks Consensus Estimate of $3.0 million. Revenues jumped 116% y/y.
The revenues reported in the quarter included a product return reserve of $0.3 million incurred due to the company's transition to a new specialty pharmacy in addition to government rebates, chargebacks and other allowances.
In Apr 2012, Corcept launched its drug, Korlym, in the U.S. Korlym, is approved in the U.S. and the EU as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adults suffering from endogenous Cushing's syndrome, who have type II diabetes or glucose intolerance.
We note that Corcept enjoys orphan drug designation for Korlym from the FDA for the approved indication.
Selling, general and administrative expenses were $8.2 million in the second quarter of 2013, up 41.3% from the year-ago quarter. The increase was mainly due to higher staffing, consultancy and other professional services costs related to the commercialization of Korlym.
Research and development expenses in the second quarter were $4.5 million, up 24.7% in the year-ago quarter. The increase was mainly attributable to the expansion of the phase III trial on Korlym for the treatment of psychotic depression along with the development of the company's next-generation selective GR-II antagonists.
Pipeline Update
Corcept continues to enroll patients for a phase III study on the use of Korlym for the treatment of psychotic depression. Interim results from the study are expected in the third quarter of 2014.
Corcept's key objective in 2013 is the successful commercialization of Korlym.
Corcept currently carries a Zacks Rank #3 (Hold). Right now, Shire (Nasdaq:SHPG-Free Report) and Jazz Pharmaceuticals (Nasdaq:JAZZ-Free Report) are Zacks Rank #2 (Buy) stocks.
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
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