Ticker Talk

Margin debt outstanding--loans used mainly to buy stock--continues to slide, as investors unwind highly speculative strategies employed when tech stocks were soaring. Margin debt reported by New York Stock Exchange member brokerages fell to $240.7 billion at the end of May from $251.7 billion at the end of April, a 4.3% drop, the NYSE said Wednesday. But that was smaller than some analysts expected.

The peak for margin was $278.5 billion in March--before tech stocks’ steep plunge in April. . . .

Charles Schwab Corp., the leading online brokerage, said trading activity by its customers slowed sharply in May, as it did in the market overall. But the slowdown may not have been as bad as expected: Schwab shares rose $2.19 to $32.50 Wednesday after the company said average daily revenue trades fell to 198,400 in May, a 37% decline from 317,300 in April. Yet May’s activity still was up 32% from May, 1999.