TD Ameritrade says client activity declined in May

OMAHA, Neb. — Online brokerage TD Ameritrade says trading activity declined again in May as the normally slower summer season approaches, and the value of client assets it holds declined slightly along with the broader market.

The Omaha-based company reported operating statistics on Thursday, prompting one analyst to trim his outlook for the company's profits.

Ameritrade handled an average of 378,000 trades per day in May. That's down 6 percent from April and down 22 percent from last May.

Ameritrade held $420 billion in total client assets at the end of May. That's 1 percent lower than April, but still 26 percent higher than May 2010.

Credit Suisse analyst Howard Chen said in a research note he was trimming his fiscal third-quarter profit estimate by one penny to 28 cents.