14.37%QQQQ 35.13 12.16%XLF 16.18 7.15%
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NEW YORK - Sandler O'Neill Partners analyst Richard Repetto cut his earnings targets for 2008 and 2009 for TradeStation Group Inc., saying the Federal Reserve's interest rate reduction last week will curtail interest revenue.
| TRAD | 6.98 |  0.49 |
The analyst now expects 2008 earnings of 74 cents per share, down from a previous estimate of 78 cents per share and 2009 earnings of 79 cents per share, down from a previous estimate of 85 cents per share.
He said the move does not reflect "the health of the organic business, which we believe continues to be strong, and any view on future increases or decreases in trading volumes."
Chief Financial Officer David Fleischman said that every quarter-point reduction in the Fed's target rate reduces annual net income by $1.5 million, or 3 cents per share, Repetto said.
Last week, the Fed cut the rate by three-quarters of a point. Repetto's assumptions include another quarter-point cut in June.
TradeStation shares added 24 cents, or 2.7 percent, to $9.25. In the past year, the stock has traded between $8.43 and $14.87.
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