On July 17, TD Ameritrade announced fiscal third-quarter earnings. AMTD reported net income of $204 million, up 29% from $159 million in the same quarter in 2007.
Despite the fact that TD's earnings release for Q4 2007 exceeded analyst expectations, Ben Bernake's forecast that the deterioration of the housing market would depress the economy throughout 2008 caused AMTD shares to decline.