With distribution strength and sufficient capital to compete, a strong management team and 16,000 dedicated employees, the firm's strategic focus is to continue to build upon our position as a recognized leader in financial services. Leveraging diverse capabilities to create new opportunities for the firm and its clients in today's dynamic investment environment, PaineWebber is a powerful force in financial markets domestically and abroad. The firm serves the investment needs of more than two million clients worldwide, including individuals, institutions, corporations, state and local governments, and public agencies with a broad array of products and services. PaineWebber is an independent, full-service national securities firm with a leadership position in individual and institutional businesses and a reputation for outstanding research and quality client service. SICs: 6159 Miscellaneous Business Credit Institutions 6211 Security Brokers, Dealers & Flotation Companies 6282 Investment Advice 6311 Life Insurance 6719 Offices of Holding Companies, Not Elsewhere Classified 6722 Management Investment Companies, Open-End 6726 Unit Investment Trusts, Face-Amount Certificate Offices, Closed-End Management Investment Offices 6799 Investors, Not Elsewhere Classified Perrin Long, an analyst who follows securities firms for Brown Brothers Harriman in New York, notes that “these companies are up much stronger than the Standard & Poor’s 500 so far this year, and when you get that kind of rapid rise, together with questions about interest rates, soft landings and so forth, it’s not surprising to see that some of these people are selling stock, probably in order to diversify.Incorporated: 1970 as Paine, Webber, Jackson & Curtis Inc. Treasurer Pierce Smith sold 15,000 shares, or nearly half his holdings, on April 25.Ī PaineWebber spokeswoman says the firm, which now trades at about $19.875, doesn’t comment on corporate insiders’ transactions. Those sales came just before Guenther announced plans to leave PaineWebber on April 28, and marked his first sales of PaineWebber stock as an insider.Ĭhairman Donald Marron also sold about 60,000 shares in late February for just over $1 million. In that heady atmosphere, Schwab insiders indicated in Securities and Exchange Commission filings that they sold $38.3 million in stock from April 28 to May 3, according to CDA-Investnet.Īt PaineWebber, then-President Paul Guenther sold 60,000 shares, about 30 percent of his holdings, for about $1 million on April 21, CDA-Investnet said. Its shares now trade at about $37.625, a 52-week high. Schwab, which operates a discount brokerage business, has seen its stock price rise sharply since the end of 1994. Leading the parade were Charles Schwab Corp. Nevertheless, according to CDA-Investnet, a market data firm that tracks insider activity, the securities industry has seen some of the heaviest selling in the past three months among the 69 industry sectors it tracks. And although the securities business hasn’t been as lucrative this time as it has in previous rallies, the firms are certainly turning in better performances this year than they did last year. Investors often view the securities industry as a proxy for the market’s direction. It isn’t surprising that brokerage stocks have gotten a ride on the back of the six-month-long stock market rally. And brokerage-firm insiders are dumping their companies’ stocks. Trading volume is surging on the New York Stock Exchange.
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