Online broker Ameritrade lowered its second-quarter and full-year outlook Friday, just one day after rival Charles Schwab issued a hiring freeze and slashed spending due to a marked decline in trading activity among its investors.

The Omaha, Neb.-based firm said it expects to post a net profit of 1 cent to 2 cents a share in the current quarter, and revenue of $132 million to $150 million. Wall Street analysts, on average, were expecting the company to earn 5 cents a share on revenue of $160.5 million, according to research firm Thomson Financial/First Call.

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