TD Ameritrade Boosts Outlook; Shares Jump

U.S. discount brokerage TD Ameritrade raised its outlook for first-quarter earnings, and said average daily trades per client rose to their highest ever level in November.

Shares of TD Ameritrade rose almost 5 percent in after-market trade Tuesday after finishing regular hours at $19.40.

The company estimated earnings per share of about 39 cents, up from its previous forecast of 27 cents to 33 cents, according to a statement.

The firm reported a record 339,000 average client trades per day in November, nearly 37 percent higher than a year ago. Client assets totaled $301 billion at the end of the month, TD Ameritrade said.