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We should get fined more often - LOL!!
weeeeeeeeeeeeeeeeeeeeeeeeeee.................
It seems folks are worried about the new authorization of 600 million shares. Maybe we should be too. I have no idea.
E-Trade's April daily average revenue trades rise 5.8%
By MarketWatch
Last update: 8:17 a.m. EDT May 14, 2008
NEW YORK (MarketWatch) -- E-Trade Financial Corp. ETFC 3.89, -0.11, -2.7%) said Wednesday that its total daily average revenue trades in April were 180,970, up 5.8% from a year earlier. The company ended the period with 4.77 million retail accounts. The company said that the completed sale of Retirement Advisors of America and the ended relationships with two corporate clients in its stock plan administration business affected its April metrics, eliminating about $2.3 billion in customer assets and nearly 24,000 accounts.
A buyout at $8 is fine with me.
I have other places I can put the money.
LOL!!
E-Trade to exit retail mortgage origination business
By Wallace Witkowski
Last update: 4:57 p.m. EDT May 9, 2008
SAN FRANCISCO (MarketWatch) -- E-Trade Financial Corp. (ETFC 3.85, -0.07, -1.8%) said it decided in April to exit the retail mortgage origination business, its last remaining loan origination channel, according to a Securities and Exchange Commission filing late Friday. The company said it will partner with a third party company to provide customers access to real estate loans after it exits the business. E-Trade said in the filing it originated about $116 million in one- to four-family loans through the business during the three months ended March 31.
naz down 22 and we're up 4 cents??
YOWZA!! This is the first time I can remember us bucking the trend like this.
We're bucking the trend today.
Nice to see. Maybe we have some news on the way?
Tapping $4 premarket
Fannie Mae had a bad report this morning. I think Freddie is tomorrow. Maybe if we get lucky we'll see $3.70's again sometime this week.
I'd have to be a big buyer at those prices.
So the herd thinketh
that if the stock price headeth lower that buyers we should be.
Well, that's good enough for me - LOL!!
moooooooooooooooooooo
So is this the pullback to under $4 again?
What sayeth the herd?
10k @ $4.26 premarket
and the premarket for retail isn't open yet.
As long as the jobs report doesn't stink the place up this could be another good day for us ETraders.
Happy Fryday!!
ETrade raising funds?
I keep reading speculation that ETrade is going to place some shares to raise funds and sure up their cash position. I can't help but wonder if that isn't what is holding the share price down.
Looking better this morning.
Bucking the trend just a tad.
Maybe this low volume dip is coming to an end.
Back from the brink, E*Trade beefs up in Canada
http://www.theglobeandmail.com/servlet/story/LAC.20080424.RETRADE24/TPStory/Business
New York-based E*Trade Financial Corp. may have come dangerously close to bankruptcy earlier this year, but that's not stopping a fairly significant spending spree on its Canadian operations.
The company will officially unveil its first Canadian investor centre today, a branch-type location on prime real estate in downtown Toronto's financial district where customers can drop by to get advice, open accounts, or do research.
E*Trade president Duncan Hannay says the company, which does banking south of the border, doesn't have any plans to move into Canadian banking in the "near term." But that's not stopping him from taking on the big banks.
Like them, E*Trade is salivating over the projected $1-trillion worth of assets that affluent Canadians - those with more than $50,000 in investable assets - will have by about 2014.
Mr. Hannay said the company now plans to do in the asset-gathering business what it did for equities in terms of online trading. "How do we bring that kind of value and compelling proposition to the asset-gathering space? And that's the warning shot, I guess, for the big Canadian banks."
E*Trade has more than doubled its market share in this country's trading market, to about 8 per cent, in the past two years, Mr. Hannay said. From the end of 2005 to the end of 2007, trading volumes rose 260 per cent, and assets under management doubled, he said.
The average customer is holding more than 80 per cent more assets at E*Trade than they were two years ago, but Mr. Hannay is hungering for more.
As the company shifts its focus from active traders to the affluent customer, there's a growing need for the online brokerage company to have an on-the-ground presence in major centres.
"The active trader space is a fairly finite market in Canada and really the growth opportunity is in this mass affluent space," Mr. Hannay said. "We consider them to be really the underserved, undervalued customer at our competition."
He said the Toronto location is evidence of the company's diversifying business model in Canada. "It's a much different business," he said. "I don't like to refer to it as discount brokerage, because it's not about discount any more."
And, while the Toronto location was planned a year ago, it happens to coincide with the increasing appetite among customers for education and risk-management techniques in the wake of the financial turmoil that erupted in August.
E*Trade was one of the victims of the crisis, and its shares, which had already lost most of their value, sank to their lowest level in more than a decade in January over worries about mortgage loan losses. The company hovered near possible bankruptcy that month after announcing a $1.7-billion (U.S.) quarterly loss. Joe Moglia, chief executive officer of rival TD Ameritrade, said at the time that roughly one-quarter, or $2.3-billion, of the new assets TD Ameritrade took in during the three months ended Dec. 31 had come from E*Trade customers.
But in the months since, E*Trade has been implementing a plan to fix the business under its new CEO, Don Layton, who was brought in from JPMorgan Chase & Co. He's been reducing exposure to risky mortgages, selling non-core assets, cutting debt, increasing cash balances, and turning the focus back toward basic brokerage operations. The loss in the latest quarter was only $91.2-million.
Mr. Layton has "a very comprehensive turnaround plan for the business," Mr. Hannay said, adding that the retail business has returned to growth in the U.S. and continues to grow in Canada.
A director purchased 50k shares on the open market!!
At about $3.70ish
Way to go Fred!!!
Well, the good news is the volume.
We're down more than I thought we would be today but the volume is only 10 million shares. Not a ton of sellers today.
Ya know, I forgot all about that it's today.
I'm glad one of us is paying attention!!
You guys were supposed to keep it above $4 for me!!
I guess it's close.
Have a great weekend all.
A 750k block @ 4.06 just traded @ the ask
I'd say the shorts are a skosh worried - LOL!!
Time to get Ernie back in the black!!
Apparently even though ETrade missed the #s it wasn't nearly as bad as most expected. Same with Merrill & Citi. We could see a multi-day rally now that the financials have reported and the end is not near. Clearly, the shorts have piled on and it's time to unwind some of that over-exhuberance.
I'll be gone most of today so let's keep it green.
I really liked the projection about a return to profitability this year. I hope the street believes him as that should yield us much higher stock prices.
Happy Fryday!!!
google up 74 now. etfc = 3.77
3.75 at the moment
It's trading $3.70 right now afterhours.
someone liked the news.
who the heck knows at this point - LOL!!
G'nite all.
E-Trade swings to 1Q loss as it plots mortgage recovery
Thursday April 17, 4:05 pm ET
By Joe Bel Bruno, AP Business Writer
E-Trade posts loss as company takes hits linked to mortage portfolio, turnaround plan
NEW YORK (AP) -- E-Trade Financial Corp. on Thursday posted its second straight quarterly loss, after the ailing online brokerage booked more charge-offs related to its mortgage portfolio and costs linked to its turnaround.
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The New York-based online brokerage has stumbled in the past six months as wrong-way bets on the mortgage market have left it saddled with big losses, causing shares to plunge. It said it now believes the economy is in a "modest recession" and will expand its restructuring plans to reduce expenses this year.
E-Trade reported a loss of $91.2 million, or 20 cents per share, compared with a profit of $169.4 million, or 39 cents per share, a year earlier. The brokerage reported a loss of $1.7 billion, or $3.98 per share, during the fourth quarter.
The company recorded a $234 million provision for loan losses, pushing total revenue down to $316.2 million from $645 million last year.
Analysts expected the company to report a loss of 10 cents per share on $363.9 million of revenue, according to Thomson Financial. The worst-case estimate of the 14 analysts surveyed was for a loss of 16 cents.
"The fourth quarter was quite poor for good reasons, and now the first quarter has ended with everything seemingly heading north in establishing the initial growth we're looking for," said Chief Executive Don Layton in a phone interview. "We're seeing customer metrics, new accounts, and business heading in the right direction."
Layton, a veteran executive from JPMorgan Chase & Co., was named CEO earlier this year. He has been trying to smooth out E-Trade's books and exposure to risky mortgages.
E-Trade reported that new customers increased 60,000 in the quarter, the largest increase since the fourth quarter of 2005. Customer accounts hit a record 4.8 million.
However, total daily average revenue trades declined 11 percent quarter-over-quarter, reflecting the market's disruptions. Customer assets also declined because of market weakness, but the brokerage did generate net new customer assets of $300 million.
E-Trade has been jettisoning risky debt from the balance sheet. The company is looking to increase its cash holdings, and refocus on its retail banking and brokerage operations.
Layton also said the company is on track to sell noncore assets worth about $500 million in 2008. He also plans to reduce corporate debt by $700 million this year through debt-for-equity exchanges, and also said E-Trade has increased the amount of money regulators want to see to cover risky positions by $260 million to $695 million during the quarter.
"This was a good turnaround quarter for us," he said.
The quarterly results follow strong earnings from rival TD Ameritrade Holding Corp., which reported Thursday its second-quarter profit jumped 32 percent on strong trading activity and growth in its asset-based revenue. The brokerage reported heavy trading boosted transaction-based fees 25 percent, and pushed revenue up 19 percent.
20 cent loss. damn!!
not handy. no.
google is zooming afterhours
c'mon etrade!!
Should be out right after the close
CC is at 5PM.
I hope the don't halt it for the news.
I can't take it!! LOL!!
Just heard google reports tonight also.
If google & etrade both come in with good reports, pamo is buying at happy hour tomorrow :)
No kidding!!
Guess the shorts are a little worried about tonights release.
You're certainly braver than I am - LOL!!
Best of luck to you.
I think it heads lower today.
It was down again meaningfully yesterday with the naz up 60 points.
The great news is that it seems everyone is expecting a horrible report. So, if that doesn't happen we should get a meaningful bounce. Of course, it we do get a horrible report, we'll probably end up back in the $2's.
I'm sitting out again today but will be ready at the keyboard when the numbers come in.
Looks like Merrill missed.
They had a ton of write-downs for bad loans. Laying off 4000 people.
Pamo is in the green!! Congrats!!
Reuters says we're looking for a 10 cent loss. Not long to wait now!!
good luck!!
May IBM bring you riches and good fortune.
I'm sitting things out tonight.
I can't believe it's down 4% today.
Either this selling is warranted or it's not. We'll know in 26 hours.
Yeah, that article was pretty wishy washy for my taste. But it ran in Barrons so I'm sure some of this selling is due to it.
Found the whole article:
WEDNESDAY, APRIL 16, 2008
HOT RESEARCH AM
Reasons to Trade Out of E*Trade
E*Trade Financial (ETFC: Nasdaq)
By Credit Suisse ($3.40, April 15, 2008)
REFLECTING CONTINUED DETERIORATION in the mortgage industry and early results from regional bank earnings (Wachovia Monday), we are reducing our estimates and target price for E*Trade.
Despite signs of stability in the core brokerage franchise, we believe the overhang of credit quality deterioration and a limited capital cushion should remain investors' primary focus. Our first-quarter earnings-per-share estimate is now a Street-low 16 cent loss; our full year 2008 estimate now calls for a 25 cent loss. Bottom line: We continue to see no reason to become more constructive on E*Trade shares at current levels.
We are assuming E*Trade net revenues are $308 million for the first quarter, down significantly from last quarter and year ago levels. We anticipate a meaningful step-down in net interest income this quarter completely driven by the continued work-down of E*Trade's balance sheet -- we are modeling in a 15% quarter-over-quarter reduction in the balance sheet to $49 billion in average interest earning assets. We are modeling in a stable net interest spread (2.55%) as we expect balance sheet repositioning should help to alleviate the impact of E*Trade's higher deposit pricing schedules.
We expect commission income to meaningfully decline as well, as a full quarter's impact of fourth quarter's outsized customer attrition levels and an overall tapering of industry retail engagement (down 5%-7% quarter-over-quarter on average) both hurt results. In addition, we expect this quarter's results should also reflect E*Trade's exit of its institutional trading business ($125 million-$150 million in estimated annual revenue).
[etfc]
The primary driver of today's estimate reduction is our expectations for higher loan-loss provisions. Incorporating further deterioration in U.S. housing prices and recent bank/thrift results, we are now assuming first-quarter provision expense of $210 million driven by increased loss expectations in both E*Trade's $11.9 billion home-equity portfolio (89% brokered, 48% 2006 vintage) and the company's $15.5 billion residential first-lien portfolio (38% California-based inclusive of home-equity line of credit book).
In addition, we expect the company to further build reserves and potentially accelerate their three-year provision plan. For the full year, we now estimate total loan-loss provisions of $720 million, 20% ahead of the high end of management's $400 million-$600 million guidance given our more bearish outlook on industry credit quality and brokered home equity, in particular.
We are modeling in non-interest expenses of $350 million (down 9% quarter-over-quarter excluding restructuring charges), still at elevated levels partially driven by our expectations of higher-retention-related comparable expenses and higher advertising costs (recall this quarter includes Super Bowl-related ad spending). We expect non-interest expense levels to ratchet down as E*Trade continues to exit non-core business lines and further streamline the organization.
Given our assumption for an operating loss and the dilution related to November's Citadel Investment Group transaction, we anticipate further capital erosion this quarter -- we expect book value per share to be in the range of $5.60 and tangible book value to fall to under 60 cents per share.
This is from Barrons online today.
--------------------------------------------
Reasons to Trade Out of E*Trade
Word Count: 730 | Companies Featured in This Article: E*Trade Financial, Wachovia, Charles Schwab, TD Ameritrade Holding
E*Trade Financial (ETFC: Nasdaq) By Credit Suisse ($3.40, April 15, 2008)
REFLECTING CONTINUED DETERIORATION in the mortgage industry and early results from regional bank earnings (Wachovia Monday), we are reducing our estimates and target price for E*Trade.
Despite signs of stability in the core brokerage franchise, we believe the overhang of credit quality deterioration and a limited capital cushion should remain investors' primary focus. Our first-quarter earnings-per-share estimate is now a Street-low 16 cent loss; our full year 2008 estimate now calls for a 25 cent loss. Bottom line: We continue to see no reason to become more constructive on ...
----------------
You have to be a subscriber to read the rest. The street expects a 9 cent loss. These guys are now calling for a 16 cent loss.
FYI.
What the heloc???
I'm seeing reports on yahoo board that ETrade has sent letters out to all HELOC holders that:
"HELOC holders must reappraise property values at their own expense and reapply to reactivate their HELOCs."
"I just received a letter from Robert Burton President of E Trade. As of April 8th I can no longer use HELOC checks unless I get my property reappraised."
"Your credit priviledges may be restored if you can demonstrate that the value of your house adequately supports the home equity line of credit."
No press about it yet.