Mom and pop investors are on an epic stock buying spree, fueled by free trades
LA TimesVirgin Galactic’s SpaceShipTwo on a test flight. That company and E-Trade Financial Corp. have seen daily average revenue trades — a standard industry metric that may be a bit of a misnomer now since buying and selling are free — almost double to an all-time high since last September, data compiled by Sundial Research showed. It’s “a new world in discount brokerage where price no longer clouds the comparison for trades,” Boyle said in an earnings statement on Jan. 21. At TD Ameritrade, Apple, Microsoft Inc., Tesla and Virgin Galactic have been among the highly traded this year, according to JJ Kinahan, the firm’s chief market strategist. “It does make sense to say that some of these, maybe Virgin Galactic, may be a product that makes sense in 10 years.” For Peter Cecchini, chief global market strategist at Cantor Fitzgerald LP, affection among retail investors for both tech stocks and loss-making companies is creating flashbacks to the internet frenzy in late 1990s.
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