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Xpress Trade

optionsXpress has migrated its Xpresstrade futures customers to the optionsXpress platform. Channel checks suggest that Xpresstrade customers in general are not enamored with the change or their new optionsXpress futures platform. This will have a slight negative impact on open accounts, balances, trading volume, etc. going forward. These changes are in TCC’s November estimates for optionsXpress November DARTS.

November DART Estimate

The Channel Checkers is estimating a 1.4% sequential increase in DARTS for November 2007 compared to October 2007 and a 53.3% year-over-year increase November 2007 over November 2006.

The 1.4% increase is significantly less than the September 2007 to October 2007 26% sequential increase.

November 2006 DARTS………..28,700

October 2007 DARTS…………..43,400

November CC Estimate…………44,000

Sequential Increase: +1.4%

Year-over-year increase: +53.3%

Past estimates of The Channel Checkers’ have varied in accuracy from -0.2% to + 4.7%.

CC Estimate Reported Error

August …………35,710…………35,800………….-0.2%

September……. 37,127………….35,400………….+4.7%

October…………43,400 ……….. 44,600………….+2.7%

November ……..44,000…………..(Metrics Released PMO 12/12/2007)

optionsXpress is expected to release November Metrics pre-market on December 12, 2007.

The November DART estimate for optionsXpress is currently available from The Channel Checkers directly by calling Casey at 415.359.9153 or e-mailing casey@thechannelcheckers.com.

We have recently conducted a survey on Sears and Kmart stores in the U.S. which are owned collectively under the banner of Sears Holdings (SHLD).

We asked about store activity in this survey and 20% of respondents reported that stores were “less busy”. 20% negative response to questions in our survey is reason for concern given that traditionally store employees tend to be more positive or optimistic about retail store activity.

In addition to our temperature check on store activity we asked if the Sears and Kmart locations would be having PRE-CHRISTMAS sales and the answer across the board was yes. We also asked if there was excess inventory of items and the answer to this according to over 70% of respondents was “yes, excess inventory”.

The top selling items at Sears and Kmart locations were flat screen TV’s (25%), video games and video game consoles (20%) and Craftsman tools (10%).  We did not see any strong showing for sales of clothing items or for consumer durables like washers and dryers.  We believe that the heavy dose of electronics being sold at Sears could produce lower profit margins as we believe Sears is selling these items below the leading electronics retailers to help bring in business for these items.