Stock Watch: Ameritrade Drops as Lehman Cuts Rating

Ameritrade (Nasdaq: AMTD) fell 1 5/16 to 15 Tuesday, following reports of a downgrade at Lehman Brothers.

Lehman analyst Rich Repetto slashed his rating on the stock to neutral from outperform. Wire reports said Repetto predicts a decline in trading volume and does not see anything that would drive the stock higher in the near term.

The online brokerage earned $3.2 million, or 2 cents a share, in the second quarter ended March 31st, down from $8.1 million, or 5 cents, in the same quarter last year. Revenue rose to $193 million from $73.9 million.

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