The stock of online broker JB Oxford (Nasdaq: JBOH) climbed more than 14 percent on Monday, gaining 1-1/16 to 8-1/2 after the company announced that it is offering free Internet access to its customers. JB Oxford is the first financial services company to offer such a service.
JB Oxford says customers who maintain $2,000 in their account will receive free, unlimited Internet access. The company is working with service providers such as AT&T to supply the free access. JB Oxford is a tiny company compared to the likes of well-known online brokers such as E*Trade, which has a market value of nearly $5.4 billion. By contrast, JB Oxford, which is profitable, is valued at just more than $128 million.
This new free Internet access service is an innovative move to establish JB Oxford as an online brand. This stock should be one to watch in coming months.