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Well, here's the start of the pullback.
The only question now is, how low does she go?
LEHMQ up 361% today!
That's LEH on the pinks.
So pamo wins with the biggest gainer of the day!
Hi pamo,
At this point you may be able to sell those shares to uncle sam for $10.
:)
Hi arnie!
Good move. I did like I said yesterday and sold the gap up, although it was way harder than it needed to be.
This whole bailout has to be approved by congress. It hasn't fixed anything yet. I suspect we'll see a decent pullback next week.
Either way, you won't go broke taking profits.
Have a great weekend all!
I HATE trading over the phone with Ameritrade!
Woke up this morning and my cable was OUT.
Aaaaaaaaaaaaaaaaaggggggggggghhhhhhhhhhhhhhh......
Just got back online.
Sold literally every stock I owned with market orders by phone after the open.
Stupid Comcast!
Thank you Uncle Sam for this mandatory short squeeze.
I gotta switch to Etrade at some point.
Congrats to everyone who made money today!
Ouch?
Most of those were bought at $2.52.
I was kinda happy to book the gain - LOL!
You can keep the LEH. But thanks for the offer. :)
Yup. Sold half just under $3.
If we gap open tomorrow morning I'll let the rest go and call it a week.
I'm not interested yet.
But thanks.
I'm to busy playing ETrade which is having an awesome day!
Sold half. Keeping the rest for now.
What a whacky market!
Britain bans short-selling, citing 'extreme' market climate
By Steve Goldstein
Last update: 1:11 p.m. EDT Sept. 18, 2008
Comments: 54
LONDON (MarketWatch) -- Britain's Financial Services Authority on Thursday announced the unprecedented move of banning short-selling and forbidding any increase in new positions. Also, disclosure will be required on all positions of more than 0.25% of a stock. The ban is due to remain in force until Jan. 16, but it will be reviewed in 30 days. "While we still regard short-selling as a legitimate investment technique in normal market conditions, the current extreme circumstances have given rise to disorderly markets. As a result, we have taken this decisive action, after careful consideration, to protect the fundamental integrity and quality of markets and to guard against further instability in the financial sector," said Hector Sants, chief executive of the FSA
For two days in a row now.
AMTD & SCHW have bee clobbered way more than Etrade.
I like the change in trend!
Geez. Suzy is not very happy.
If this is what we get when the feds rescue AIG, what the heck would have happened if it had gone BK?
WOW!!
Great news this morning!
Missed it following the AIG mess.
Remember: AMTD DARTS were down for the same period. This is very good news folks.
E*TRADE FINANCIAL Corporation Reports Monthly Activity for August 2008
BusinessWire
8:05 AM ET
E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today released its Monthly Activity Report for August. The Company's total retail customer assets grew $1.3 billion from July to total $163.5 billion. Total Daily Average Revenue Trades ("DARTs") decreased 17 percent sequentially to 151,722. Net new retail accounts were 16,210.
"We are pleased to see strong growth in new accounts continue through a seasonally slow August," said Donald H. Layton, Chairman and Chief Executive Officer, E*TRADE FINANCIAL Corporation. "Our retail franchise continued its forward momentum as we grew retail customer assets and set yet another record for total retail accounts."
Go back to bed Arnie.
Maybe when you get back up Etrade will be back to $3.
I'm really liking what I'm seeing so far today!
Morning Arnie!
Aaaaahhhhh.....
You're being completely selfish. How American of you - LOL!!
Hopefully you'll make enough off that ETrade you bought to cover your 7%.
Oh, and Arnie,
I was curious about why you want the dollar weaker?
My observation has been that the weak dollar has caused absolutely nothing but trouble for the US. Oil prices alone, partly caused by the weak dollar, have single handedly wrecked the auto and airline industries.
Hi arnie,
I hope they don't ever cut rates. I'd rather see them fix specific problems and raise rates to make the dollar stronger again.
Oh my!!
Fed left rates unchanged.
Market was looking for a cut.
Yikes!!
Hey Arnie!!
Yes, that bid filled. I'm happy for the moment.
My bid is in at $2.52
I hope it doesn't get hit, but just in case.
Dow has worst drop since first trading session after Sept.11
Yikes!
You're green arnie!!
That was one scary drop. Looks like shorts are doing a little covering now.
can I make my guess in 35 minutes?
LOL!!
WOW!!!
I almost did the same with LEH friday but chickened out. What kind of market is this where you can wake up and real stocks who've been around for 50 years open down over 90%?
Be safe!!
I've never seen anything like this.
Can the US banking system fail?
Makes me wonder just how many banks/financial institutions are in dire straits that we don't know about, yet.
Hopefully, since ETrade got raked over these coals first, we'll be mostly unaffected. I had bids in as low as $2.51 this morning which obviously were not hit.
Holding anything over night anymore is like going to sleep in a mine field - LOL!!
Good luck all!!
Here's the article I read.
If Buffet saves AIG there will be a huge rally in the financials in my opinion.
http://www.bloomberg.com/apps/news?pid=20601087&sid=asXKpmxEf1.o&refer=home
Buffett `Thought to Be' in AIG Talks, Insurance Insider Says
By Andrew Frye
Sept. 15 (Bloomberg) -- Billionaire investor Warren Buffett's Berkshire Hathaway Inc. ``is thought to be in talks'' with American International Group Inc. about a possible investment, the Insurance Insider reported, citing unidentified sources.
AIG's talks with potential investors, including buyout firms, are ``advanced,'' the publication said.
Nicholas Ashooh, a spokesman for New York-based AIG, had no immediate comment. Jackie Wilson, a spokeswoman for Omaha, Nebraska-based Berkshire, didn't immediately return a message seeking comment.
To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net
Last Updated: September 15, 2008 08:51 EDT
Warren Buffett
I read a little bit ago that AIG is talking with Mr B to get money. That's a really good idea as he's completely into insurance.
Can "they" really let AIG fail?
Added at $2.92!!!
**GULP**!!!!
What's going to happen today?
If AIG goes under too, we could see a 700-1000 point down day for the DOW.
I'm going to tread lightly this morning. Hopefully $2.90 holds as support for ETrade.
I guess it could have been worse?
It's a funny market these days.
I saw we have a new CFO now. That may be causing the bump up today.
Showing some good strength this morning!!
It'd be a nice change to see outperformance relative to the markets return to this stock.
It's going to be another interesting day.
Lehman is down 40% again premarket and the Qs are off over 1.5%.
This will likely be the test of $2.90. If it fails, I believe next support is $2.75 but better support is $2.40.
Here's the whole text from todays 8-k
10-Sep-2008
Regulation FD Disclosure
ITEM 7.01. REGULATION FD DISCLOSURE
The Company is making a presentation today at the 2008 Lehman Brothers Financial Services Conference. In the presentation the Company will provide updated information concerning certain performance expectations, including the information concerning its holdings of preferred equity in Fannie Mae and Freddie Mac. In its Form 10-Q for the period ended June 30, 2008, filed on August 8, 2008, the Company reported that as of June 30, 2008, the Company's trading securities portfolio included an investment of $330 million of preferred equity in Fannie Mae and Freddie Mac. These securities were rated AA- as of June 30, 2008. Based upon the Company's concerns about continuing market instability and potential government-led plans that could materially further impact the value of the securities, the majority of these positions were liquidated in July 2008, resulting in a pre-tax loss of $97 million, net of hedges. As of July 31, 2008, the remaining position of approximately $107 million had an unrealized market value loss of approximately $32 million, net of hedges. The Company reported that it planned to continue to reduce its remaining exposure to these securities. In today's presentation, the Company reports that as of September 8, 2008 it has sold all of its remaining holdings in these securities. The total pre-tax realized loss on these holdings in Q3-08 was approximately $150 million net of hedges.
The Company will also address its expected three year cumulative losses on the home equity portfolio held on the balance sheet of E*TRADE Bank, which the Company previously stated were expected to be at the upper end of a range of approximately $1-1.5 billion. In today's presentation, the Company reports that it is undertaking a fundamental review of its modeling for provision of loan losses because the current credit cycle has continued to worsen and is more severe than previously anticipated. The Company will state that it is likely that its review will generate a 3 year loss expectation somewhat above $1.5B, and the Company will discuss the expectation in more detail when the review is completed in time for Q3 reporting.
The Company's presentation is broadly accessible to the public by webcast; the financial and other statistical information contained in the presentation is provided on the Company's website, together with any information that would be required under 17 CFR 244.100; and the presentation was announced by a widely disseminated press release, that included instructions as to when and how to access the presentation and the location on the Company's website where the information is available.
The information appearing in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.
No, that doesn't sound good.
But it is consistent with that I have been hearing on the business news. My understanding is that starting in Q4 this year auditors are now mandated to be more strict on the mark to market value of mortgage related assets.
Many banks and brokers are still showing assets on the books near full value even though that does not depict reality.
Apparently, the ability to hide losses is about to change.
This may be ETrade preparing for that asset revaluation phase.
Positive mention on CNBC last night for ETrade.
On the fast money show the guy with the pony tail said he loves and owns ETrade. He thinks the worst is over.
FYI.
I know this is a little off topic, but
Lehman is under 10 bucks per share. The printed low of day is $8.
WOW!
Yes, it sure is.
I banked my 11% this morning assuming the market will figure out later today that the bailout really hasn't changed anything.
Should be a big up day today.
Everything financial is screaming 10%+ premarket.
Hey!! I didn't jinx us!!
LOL!!