Share of National Discount Brokers Group Inc. (NYSE: NDB) moved up 5 1/16, or 14 percent, to 41 1/16 after Deutsche Bank Alex. Brown initiated coverage on the stock with a "strong buy" recommendation.
Last week, National Discount Brokers raised more than $91 million in a secondary offering.
The online brokerage firm canceled the secondary offering on June 15 after it and other online and traditional brokerage stocks were pummeled in rocky trading. Two days later, it decided to go forward with the 2.6 million-share offering.
NDB has more than 137,000 accounts with $7.5 billion in assets.
Company officials said it will use the money to advertise its online brokerage and beef up its technology. The new shares will increase the firm's outstanding stock by 21 percent to around 17 million shares.
Its shares peaked at 93 in April after falling to a low of 8 1/8 in October.
Among other online brokerage stocks, E*Trade Group Inc. (Nasdaq: EGRP) moved up 1 3/16 to 39 1/16 and Charles Schwab Corp. (NYSE: SCH) added 1 9/16 to 96 3/8.>
