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Stories of Interest
- CFTC Chair Giancarlo Appoints Bruce Tuckman as Chief Economist
- Twice-Convicted Ex-Jefferies Trader Litvak Faces Prison After Losing Bail Request
- Wells Fargo Hikes Full-Year S&P 500 Target
- SEC Institutes Administrative Proceedings Against Shkreli
- Goldman's Lloyd Blankfein Seems to be Making a Habit Out of Trolling Trump
- Goldman on Hunt for Star Traders to Revive Struggling Commodities Unit
- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
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NEWSLETTERS & ALERTS
LPL Financial Enjoys Big Gains in Stock Market
On a day when most financial stocks lost money, LPL Financial Holdings had a huge day closing at $42.48 a share, up 10.28%. While the $3.96 jump in share price - including after-hours trading - could not be directly attributed to any transaction, we came across 2 stories featuring the company:
- LPL Awaits Fiduciary Rule ‘Disruption, After Profit Drop (WSJournal, 4/27 6:18 pm)
- LPL Financial’s Earnings Decline (Barron's, 4/28 1:13 pm)
Here's what we learned from those articles. LPL Financial just reported its Q1 earnings, which exceeded analyst expectations even though they fell from one year earlier. In terms of dealing with the transitory nature of the fiduciary rule, LPL Financial expects the rule to eventually take effect and benefit its business. While the firm has been pushing its business toward fee-based revenues, it will nonetheless permit its brokers to continue charging commissions - subject to certain restrictions. This is unlike the approach that Merrill, JPMorgan and other rivals are taking, and the firm is confident that this different approach will work to its benefit.