Stock brokerage stocks getting crushed today as Schwab follows Interactive Brokers in lowering commissions to zero. Some of these stocks are down 8-23% on the day (and no they're not a value...nowhere near, even still). Will be interesting to see if Ameritrade follows their lead or not. I'm sure their phones are ringing off their hooks today from customers as they've now heard the news of these other two brokers.
Schwab/Interactive have to be trying to gather assets and retain assets better/quicker and become asset managers rather than brokering trades, is all I can figure out.