There’s been some debate on the usefulness of mobile trading applications, but one thing is for certain – it’s good for the online brokerage business.
OptionsXpress (OXPS) CEO David Fisher appeared on Jim Cramer’s Mad Money television show yesterday, saying the following about its OX Mobile trading program:
“It’s greatly exceeded our expectations. Customers are doing real trades on these things. You can trade options, futures, stocks, bonds, mutual funds, ETFs, and what they’re really doing is leveraging the incredible power that these new handheld devices have, like the iPhone the BlackBerries and the Palm Pre and the new Android devices. They want to put that power to good use.”
Fisher also addressed a Cramer question about the semi-controversial Optionetics acquisition.
“Education is a super-important part of the business… …what they really offer is comprehensive, in-depth education for customers who want a little more handholding… …it’s going to be a really good source of new accounts for us.”
Unfortunately, the recent Barron’s article trashing Optionetics was not addressed.
I remain an optionsXpress (OXPS) shareholder but I’ll admit I’m feeling wary. As I wrote yesterday, I’m a bit concerned about OXPS’ aggressive acquisition plans, which may indicate faltering growth prospects for the core business.
Plus, the valuation appears to be a bit stretched, and I don’t want to hold a stock just hoping it gets acquired.
Here’s the full video: