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So does this 60 cent number count or not?
"Losses from continuing operations in the third quarter reached 60 cents a share"
If it's 9 cents that's pretty awesome!
E-Trade reports quarterly net loss of $50.5 million
By Alistair Barr
Last update: 4:06 p.m. EDT Oct. 21, 2008
SAN FRANCISCO (MarketWatch) -- E-Trade Financial Corp. (ETFC:e trade financial corp com
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Last: 2.30-0.03-1.29%
3:59pm 10/21/2008
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ETFC 2.30, -0.03, -1.3%) late Tuesday reported a third-quarter net loss of $50.5 million, or nine cents a share. That compares to a net loss of $58.4 million, or 14 cents a share, a year earlier. The discount brokerage firm realized roughly $660 million in gains from sales of non-core assets, such as its Canadian business, during the latest quarter. Losses from continuing operations in the third quarter reached 60 cents a share, the company added. E-Trade was expected to lose 24 cents a share in the period, according to the average estimate of 13 analysts in a FactSet survey. E-Trade set aside $518 million in provisions to cover loan losses in the latest quarter. That was up by $199 million from the previous quarter. The company increased its forecast for losses from its home equity portfolio by 20% for 2008 through 2010. E-Trade said provisions probably peaked in the third quarter and charge-offs will begin to improve in 2009. However, it said it doesn't expect to make a profit in the fourth quarter of 2008.
HALTED!!!!
But I want to be wrong - LOL!
Does everyone have their popcorn?
The show is about to start.
Cell phones off please.
[insert drum roll here]
Hi rambob!
FWIW - I hope ETrade smashes estimates and raises guidance. That will put it in play for the next 6 months and we can all make more money.
What I'm afraid of is that they won't and we'll lose the beta factor which will effectively kill this stock for my trading purposes.
As always, the truth probably lies somewhere in the middle.
Not long to wait now!
Ahead of the Bell: E-Trade seen reporting loss
http://biz.yahoo.com/ap/081021/ahead_of_the_bell_e_trade.html?.v=1
Ahead of the Bell: E-Trade seen reporting loss
Tuesday October 21, 6:43 am ET
E-Trade Financial set to post 3rd-quarter loss as new management works to strengthen business
NEW YORK (AP) -- Online broker E-Trade Financial Corp. is expected to report a loss for the third quarter as the company's new management worked to shore up the business.
E-Trade, squeezed by subprime mortgage exposure and the ensuing credit crisis, is expected to report a loss of 28 cents per share. It has missed Wall Street projections for three of the past four reporting periods.
That has put pressure on E-Trade's new management that was hired to help the brokerage recover.
Since Chief Executive Donald Layton, a former top executive at JPMorgan Chase & Co., joined the company in March, he has raised about $650 million by selling some of its offshore businesses.
The hope is that E-Trade can focus better on its U.S. business, where it's one of the biggest online brokerage franchises.
Last week, rival Charles Schwab Corp. reported third-quarter results that topped analysts' expectations. However, the ongoing financial market turmoil weighed on the retail brokerage's assets under management. Schwab also reported that client activity picked up due to the highly volatile market conditions.
Shares of E-Trade fell 4 cents to close at $2.33 on Monday. The stock has traded within a 52-week range of $1.84 to $11.38.
The company is expected to report earnings after the close of regular trading Tuesday.
The plan for today.
I'm sitting out all day except for the one small lot of shares I have left, which I'll hold at this point.
I'll be watching after the close for the quarterly results. If they miss, or warn, I'll be watching for an entry but there won't be any rush IMO.
Last quarter when ETrade missed it sold off 30% in 3 days from $4 to $2.75 and then bounced to $3. But that was after a BIG runup.
This quarter, no runup, and in fact, it is seeing selling pressure headed into earnings.
Will this be another quarter where things are bad but not as bad as some expected? I think the issues are the Fannie/Freddie write-offs and of course the mortgage side. I assume the brokerage side is kicking butt.
One bright spot on the horizon is that if ETrade misses and/or warns and the stock price gets hit hard, it makes a buyout much more likely, again IMO.
Take care guys and have a great day!
All 3 online brokers are red today - fyi.
etfc, schw, & amtd
Hi Arnie,
I believe it's after the close on Tuesday.
I'm mostly out as of this AM fyi. Did not like the early selling today. I doubt I hold much over the CC. Why risk it?
Take care and good luck!
Sure seems that way.
It's acting pretty weak this morning.
We need another good close today to keep any momentum going headed into tomorrow.
A Big Upgrade for E*Trade
http://www.fool.com/investing/high-growth/2008/10/17/a-big-upgrade-for-etrade.aspx
"More top-performing CAPS members are feeling bullish on E*Trade Financial (Nasdaq: ETFC) these days, enough to upgrade it from its three-star rank to a more formidable four stars. A large base of 2,413 members have given their opinion on E*Trade, with many of them offering analysis and commentary explaining the recent optimism."
Now we're talking!
I really want to see a close over $2.50 today, so you guys had better get to work.
As for all of the speculation, where's the volume? I would expect much higher volume if someone knew something was coming.
Have a great weekend all!
This article says the estimate is (.28)
http://www.reuters.com/article/marketsNews/idINN1449963720081014?rpc=44
That (.18) would be a large upside surprise. I'm not nearly that confident after the last 2 quarters, and particularly the most recent one.
While I have some shares as of the close yesterday, I don't plan to hold them into the report on Tuesday. Companies that even sneeze during the conference call are being taken out and shot. Look at what they did to Intel yesterday.
But hey, no guts, no glory. Best of luck!
Hey Arnie!
I'm hoping to get some of those $1's this time. You guys can't have all the fun.
That has to be the shortest bull market in history - LOL! From Friday to Tuesday. 22% from the lows to the highs.
I'm out premarket.
Back to hit and run.
Good luck all!
2.79 premarket!
weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee..........
QQQQ - nasdaq 100 proxy
EDIT:
while I'm at it, here's a couple more that get thrown around.
QID = 2 times inverse QQQQ. if the Q's drop 1%, QID goes up 2%
QLD = 2 times QQQQ. if the Q's go up 1%, QLD goes up 2%
The Qs are soaring afterhours!
Hopefully we'll gap and run in the AM!
Woohoo!!!!
I'd like a close above $2.60 please.
Thank you in advance!
Hi Arnie,
I have some around that price too in my retirement acct.
I hope so. But who knows anymore.
I am hoping we see upper $2's this week so I have the option of sitting out next Tuesday for the quarterly report.
I really like Art Cashin.
I always have.
Art Cashin said it well that if the FED gives us good news tomorrow we could have a rally for a few weeks up to 10,500.
I'm holding everything to see if that happens.
And I'm in the green now with ETrade too!
On the buyout thing.
Since earnings are next Tuesday, wouldn't you think that this offer would come prior to earnings?
It would be a wonderful time for it to be announced as most of us are loaded up.
Ameritrade buying ETrade?
http://seekingalpha.com/article/99614-an-ameritrade-e-trade-merger-not-as-crazy-as-it-sounds?source=yahoo
An Ameritrade-E*Trade Merger? Not as Crazy as It Sounds
With good reason, several stock broker friends told me its time to buy E-Trade (ETFC). They believe its now largely undervalued after trading near $4 less than a month ago. Now at $2.23, ETFC may soon receive a buyout offer from TD Ameritrade (AMTD). Sources state $4 to $5 a share will be the offer from AMTD. A year ago analysts said ETFC could fetch between $10-$11 per share on a buyout deal. Now the book value is about $4.91 a share. Cost savings to an AMTD bottom line of a merger make a lot of sense now that ETFC has shed more of its banking assets creating a large amount of capital.
The talk about ETFC being bought by another online brokerage has been circulating for a while. Lots of people have the misconception AMTD would overlap with ETFC on many of its services if they end up acquiring it. Not true! AMTD is more of a traditional on-line brokerage. ETFC has more going for it, with nearly just as many customers and a role in personal loans and mortgages.
In 2003, the Toronto-Dominion Bank (TD) held talks to merge its TD Waterhouse discount brokerage with ETFC, but the two sides could not come to an agreement over control of the merged entity. In 2005, ETFC made an unsolicited offer for AMTD, currently the second largest US discount broker. AMTD instead purchased TD Waterhouse, with TD Bank holding a 39% stake in the new entity.
In 2005, ETFC acquired Harrisdirect, formerly a discount brokerage service of the Bank of Montreal (BMO), and BrownCo, formerly a discount brokerage service of J.P. Morgan (JPM).
In July 2008, ETFC sold its Canadian division to Scotiabank (BNS) for CAN$444 million, as part of a program of selling off non-core assets.
In March 2008, ETFC named Donald Layton, formerly JPMorgan Chase vice chairman, as its new CEO. Layton had joined ETFC board of directors in November 2007, at the same time as the Citadel deal. Layton has been aggressively acting on the turnaround plan and the company has stabilized and is seeing the beginnings of a return to growth.
Good news for banks: Treasury Secretary Henry Paulson announced late Friday night that the government would buy part ownership in an array of American banks. I bank with ETFC bank.
Disclosure: No positions yet. Will buy some ETFC.
I have no clue Arnie.
I'd expect some kind of move up this week due to options but I have no expectations of how far it might go, up or down. I'm really in wait and see mode right now.
Maybe someone else has an opinion they would share.
EDIT: I'm in wait and see mode still holding all my ETrade shares, for now.
Way to go Arnie!
You're looking pretty smart this morning.
I shut everything down and went shopping after lunch - LOL! I had enough and needed a break.
Friday is triple witching day so maybe we can string a few up days together for a change.
I hope you do well with those!
I couldn't pull the trigger this morning. I actually left the house and went to the paint store to get away from the PC. LOL!
At this point I need to see a close that doesn't sell off again. I'm sure alot of people feel the same way by now.
Good grief!
The markets are really in the can this morning. I pulled my $2.09 bid as we're already at $2.12 premarket and we may actually go under $2.
I think I'll hold onto my last quart of cash and see how the day plays out.
Good luck all!
Supposedly, DOW 8500 is strong support.
I guess we'll find out in a minute.
This is nuts!
I half wish
it would just go to zero and get it over with so I could quit worrying about it - LOL!
Well, my final bid is in at $2.09
and then that's it. GTC.
I checked my 201K today and just about threw up - LOL!
This market really stinks.
I added some more under $2.50
This market has to go up sometime.
You'll be fine arnie!
Today may be the start of the bounce. It seems pamo has the sellers on the run. If we get a decent bounce, ETrade should get back up close to $3, I hope.
The shorts are loose again so with the earnings report coming, it'll be interesting to see where they start to dig their heels in.
ROFLMAO!!
We'll call this the pamo rally!
Hi Arnie,
One of my accts is a retirement account and subject to the 3 day rule.
The other is a cash margin acct. I don't use margin and don't short. But you are still limited to 3 day trades over 5 trading days or you get labelled a pattern day trader and then there's a list of rules that go with that.
I usually never buy a stock unless I have the ability to run like a chicken if it goes the wrong way, thus making it a day trade. So it really limits me to 3 trades a week.
Now, pamo talked me into buying some ETrade just now, so I have to hold that overnight or I'm flagged. It's not the end of the world but it's pretty annoying.
OK, you talked me into some.