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We'll know on the 17th!!
Premarket is looking great.
CNN Money article on Etrade
Talks about how much junk they still have in the portfolio plus alot of other stuff.
http://money.cnn.com/2008/04/03/news/companies/2boutthedoor.fortune/index.htm?postversion=2008040404
Hi arnie,
If we get a decent jobs report in the morning you're going to have a great Friday, I think :)
Hi pamo,
How would it do that? thx.
Someone wake Arnie up!!
He's almost green again. :)
I have no idea.
Someone said the new CEO stated he didn't want to sell it.
Nice to see the price holding!!
Yeah, saw that.
If we can hold $4 we'll be fine.
Fingers crossed!!
Hi Indy,
I have been reading stuff which was suggesting Etrade might need to do what Lehman did this week, raise capital through a share sale. I didn't pay much attention to it, but obviously they're doubling the shares for a reason.
I don't know quite what to make of it, to be honest.
Agreed. It's bull!!
It'll be interesting to see what the market thinks of that item I just posted about doubling the share count. I couldn't find a news item for it but yahoo was all abuzz over it.
Etrade to Double Share Count
2-Apr-08 05:23 pm
The Company believes that the amount of Common Stock available for issuance would need to be increased for general corporate purposes and avail itself of opportunities to raise capital or make acquisitions through the issuance of equity securities.
Except as described below, the Company has no current plans to use its shares in an exchange, merger, consolidation, acquisition or similar transaction, but approval of the amendment would permit such actions to be taken without the delays and expense associated with obtaining shareholder approval at that time. Any of these actions could be taken without further shareholder approval, except to the extent required by applicable state law or stock exchange listing requirements for the particular transaction. Although the availability of additional shares of Common Stock provides flexibility in carrying out corporate purposes, such availability, as well as the availability of preferred stock that the Board may issue on such terms as it selects, could make it more difficult for a third party to acquire a majority of our outstanding voting stock. Although this effect could be construed as having potential anti-takeover effects, neither the Board nor the Company’s management views this proposal in that perspective. This proposal is not being submitted as a result of or in response to any known accumulation of stock or threatened takeover or attempt to obtain control of the company by means of a business combination, tender offer, solicitation in opposition to management or otherwise by any person. In addition, the issuance of additional shares of Common Stock could lead to the dilution of existing shareholders.
Recently, the Company issued shares of Common Stock in exchange for certain of its outstanding non-convertible debt securities. The benefit of this transaction is that it permitted us to retire indebtedness without using cash and for an amount that was less than the principal amount of the debt. This also reduced the amount of cash interest we are required to pay in the future so that we would have cash available for other purposes, such as growing our primary business. If Proposal 2 is approved, it would make available additional shares of Common Stock to use for these types of exchange transactions.
Etrade class action suit.
http://biz.yahoo.com/bw/080402/20080402006304.html?.v=1
Girard Gibbs LLP Announces Class Action Lawsuit Filed Against E* TRADE Financial Corporation (Nasdaq:ETFC)
Wednesday April 2, 3:05 pm ET
SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Girard Gibbs LLP (http://www.girardgibbs.com) announces that it is has filed a class action lawsuit on behalf of persons who purchased Auction Rate Securities from E*TRADE Financial Corporation (Nasdaq: ETFC - News) and E*TRADE Securities LLC, between April 2, 2003 and February 13, 2008, inclusive (the “Class Period”), and who continued to hold such securities as of February 13, 2008.
The class action, captioned Oughtred v. E*TRADE Financial Corporation, et al., 08-cv-3295 (SHS), is pending in the United States District Court for the Southern District of New York. The class action is brought against E*TRADE Financial Corporation and its wholly-owned broker-dealer subsidiary, E*TRADE Securities LLC.
The Complaint alleges that E*TRADE violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic “auctions.” Auction rate securities generally have long-term maturities or no maturity dates.
The Complaint alleges that, pursuant to uniform sales materials and top-down management directives, E*TRADE offered and sold auction rate securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the Complaint, holders of auction rate securities sold by E*TRADE and other broker-dealers have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers to “withdraw their support” for the periodic auctions at which the interest rates paid on auction rates securities are set.
The Complaint alleges that E*TRADE failed to disclose the following material facts about the auction rate securities it sold to the class: (1) the auction rate securities were not cash alternatives, like money market funds, but were instead, complex, long-term financial instruments with 30 year maturity dates, or longer; (2) the auction rate securities were only liquid at the time of sale because broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (4) E*TRADE continued to market auction rate securities as liquid investments after it had determined that broker dealers were likely to withdraw their support for the periodic auctions and that a “freeze” of the market for auction rate securities would result.
If you purchased or otherwise acquired Auction Rate Securities from E*TRADE between April 2, 2003 and February 13, 2008, and continued to hold such securities as of February 13, 2008, you may, no later than June 2, 2008, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain Girard Gibbs LLP, or other attorneys, to serve as your counsel in this action.
Q1 Results & CC on the 17th at 5PM
E*TRADE FINANCIAL Corporation Announces First Quarter 2008 Earnings Conference Call
Thursday April 3, 8:05 am ET
NEW YORK--(BUSINESS WIRE)--E*TRADE FINANCIAL Corporation (NASDAQ: ETFC - News) today announced it will report its first quarter 2008 financial results after the close of the U.S. financial markets on Thursday, April 17, 2008. The Company will host a conference call to discuss the results beginning at 5:00 p.m. (EDT). This conference call will be available to domestic participants by dialing 800-683-1525 and 973-872-3197 for international participants. The conference ID number is 42066498. A live audio webcast and replay of this conference call will also be accessible at https://investor.etrade.com.
E*Trade sheds corporate jets
It's nice to see them being responsible and trimming stuff like that. Maintaining jets is expensive. I wonder how much this will help the numbers on the 14th?
Higher lows and higher highs is good.
As long as the jobs report on Friday comes in OK we should be off to the races.
Did you have fun while it lasted?
LOL!!
The QQQQs hit resistance at 46.00 and I have them pulling back to about 44.70 before climbing to 48. At 48 you'll be way in the money!!
If I'm right, of course :)
Yeah, longer term this looks great.
And the last 3 days have been a blast!!
Hi Indy,
Well, I'm no expert on Etrade, but it wouldn't surprise me to see some more writedowns. I don't think they sold all the junk, but I could be wrong about that.
From what I've read, shorts tend to pile into the same stocks or sectors. The financials have been easy money for 9 months now. With the Lehman placement monday, alot of the short term risk is coming out of the financials, whether that's justified or not.
I expect reasonably good results on the 14th.
You're green!!!
And you're welcome - LOL!!
weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!!
The previous recent high is $4.35
If we can take that out today we'll get some additional short covering and it may set us up for a real nice continuation of this run into earnings.
Now that was a pretty close!
I hope we get some follow through tomorrow.
Absolutely!!
I also really like the beta with etrade. We've had some huge gaps in the mornings which were very tradeable or provided really profitable entry points.
The new short interest will be out soon and it will be interesting to see whether they have increased their bet going into the 4/14 report.
Yeah, I saw that, but
they're capping us really hard at $4.05 and we'll probably be back under $4 by the close. I took my short term stuff off the table. jobs report is friday and I expect the market will header lower into that.
I was really hoping we could have broken out past last weeks high today. **SIGH**
Back over $4 today?
Premarket is zooming. This should be a good day for us Etraders.
Maybe this is it!!
Nice volume and price move this AM. Only 2 weeks till earnings. Perhaps this is our move up!!
Since the last quarter was really good at some point it should start to run.
I'll go way out on a limb this morning
and guess that we'll close down again today.
I was surely hoping for a run into the earnings. There's been no sign of that, yet.
Biggest changes in Nasdaq short interest
http://www.reuters.com/article/marketsNews/idUKN2628236420080326?rpc=44
E*TRADE Financial (ETFC.O: Quote, Profile, Research) 104,396,736 87,660,694 16,736,042 19.1
ETFC short interest up 19.1% between 2/29 & 3/14
E-Trade Most Volatile in Finance Sector
Wednesday March 26, 11:48 am ET
E-Trade Financial the Most Volatile Stock in the S&P Financials Sector So Far This Year
NEW YORK (AP) -- As the quarter winds down, discount brokerage firm E-Trade Financial Corp. is the most volatile stock in the financials sector of the S&P 500 index.
The stock has an average "beta value," or measure of volatility, of 1.84, which implies that, in theory, it is 84 percent more volatile than the market in general.
The least volatile stock in the group is credit card lender Discover Financial Services LLC, with a beta value of 0.81.
Yeah, bad day all around.
Well, it's Friday so everyone should be in a better mood today!!
You're all rowing the wrong direction!!
$4 is **OVER THERE**!! Row the other way!!
sheeesh...
LOL!!
Please hold $4!
Please hold $4!
Please hold $4!
Please hold $4!
Please hold $4!
LOL!!
I just hope it holds $4 tomorrow.
That'd be a nice base to work off of heading into the earnings report!
It's going the wrong waaaaaayyyyyyy.....
Still. Very nice gains on the day!!
What the heck was that?
Went from 4.23 to 4.05 in about 3 seconds.
The selling at $5 just kills these rallies.
When we eventually break through it should be worthy of quite an impressive run.
The next resistance is $5, I think.
I don't show much in the $4's.
Someone's shorts are burning... :)
$4.02!!
Weeeeeeeeeeeeeeeeeeee.................
$3.85 is pretty strong resistance
We just blew through it :)
If we close above that it should get really interesting very quickly!!
That would have been sweet!!
I looked at it a couple times and just couldn't do it. Too much risk for me.
Maybe when Lehman fails we can jump on that one :)
Burn shorts burn!!
I hope Mr. Market has a happy easter, comes back in a good mood, and burns the shorts some more.