Snags Web Street Stock transaction gives company 34,000 new accounts. Analysts had been expecting a profit of 13 cents a share. The company has added a number of services to its core brokerage business and recently bought a business called LoansDirect, giving it the ability to offer mortgage and home equity loan services.
Some observers expect consolidation to intensify in the industry.
Acquisition speculation has surrounded almost every name in online brokerage this year. This represents the first step of consolidation in the industry. Susan L. Thomas is a staff writer for Business2.0 Online.