TD Ameritrade Holding Corp. Q4 2007

Overall --The best-performing U.S brokerage --Q4 eps 33 c, 56% increase, --drivers: a.uncertainty about US economy spurred trading, trading revenue rose 37% to 226 mi b.cost cutting of $200 m following the company's 2006 purchase of TD Waterhouse c.it voided consumer loans that cut into earnings at rival E0Trade Fin Corp. as borrowers defaulted Credit Metrics --$303 bil of client assets, up 16% Mkt Comments --E*Trade's effort to triple loans outstanidng in the quarte contributed to a losss of 58.5 mil Comments: --lower margin, high competition from Fedelity and BAC