E*Trade Going Out Of Business? On Monday, shares plunged 54.5%, or $4.68, to $3.91 in midday trading, after a Citi Investment Research analyst said the online brokerage could face bankruptcy. Late Friday, E*Trade (nasdaq: ETFC - news - people ) warned investors that its write-downs will be larger-than-expected in the fourth quarter.
The company said the rapid devaluation of mortgage-related securities, has reduced the value of its $3.0 billion asset-backed securities portfolio. "Management believes the additional deterioration observed since September 30 will likely result in write downs that exceed the previous expectations," the company said. "Actual securities-related losses will depend on future market developments, including the potential for future downgrades by rating agencies." http://www.forbes.com/2007/11/12/etrade-mortgage-update-markets-equity-cx_er_1112markets24.html?partner=yahootix
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