Summary Box: Schwab 3Q net income up 77 pct.

AP News
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Posted: Oct 17, 2011 11:44 AM
Summary Box: Schwab 3Q net income up 77 pct.

PROFIT UP: Discount broker Charles Schwab Corp. posted quarterly net income 77 percent above a year ago as more investors turned to the company's advisory services amid increased market volatility and stock trading increased. Net income rose to $220 million, or 18 cents per share, from $124 million, or 10 cents per share.

SLIGHT MISS: The results missed the 19 cents per share expected by analysts surveyed by FactSet. Revenue of $1.18 billion also was slightly below the estimate of $1.19 billion.

SHARES SLIP: Shares fell 3.7 percent in morning trading while the broader markets were down about 1 percent. The stock has declined 28 percent in the year to date.