Despite a recent sell off in online brokerage stocks, shares of Ameritrade (Nasdaq: AMTD) have quadrupled since January. Ameritrade stock fought off early losses and gained 5-7/8 to 85-5/8 on Wednesday after the company announced that it would split its stock for the second time this year. Ameritrade, which previously splits its stock on February 22, plans to split its stock 3-for-1 in July.
It will be interesting to see if Ameritrade stock will be higher when it split it stock than it is now. Internet stocks still look shaky, and Merrill Lynch’s (NYSE: MER) move into online trading could spell bad news for competitors like Ameritrade.