posted
Schwab Ameritrade looking at possible buy out, over killed in stock price with subprime problem, 2bill in write down but stock taken down 7bill in market cap. Doesn't sound fair now does it? Etrade short to long term looks like a winner. I'm back boys.
-------------------- Disclaimer: Not accountable for anything I say
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E*TRADE FINANCIAL Corporation Announces Resignation of Mitchell H. Caplan from Board of Directors Wednesday January 2, 4:05 pm ET
NEW YORK--(BUSINESS WIRE)--E*TRADE FINANCIAL Corporation (NASDAQ: ETFC - News) today announced the resignation of Mitchell H. Caplan from the Company’s Board of Directors, effective December 31, 2007. Also to be disclosed in an 8K filing today are the terms of Mr. Caplan’s severance agreement related to his former position as CEO. The agreement is specifically limited to the terms of his pre-existing employment contract dated September 1, 2004. Pursuant to the terms of that contract, Mr. Caplan will receive a payment of $10.9 million, which is two times the sum of his base salary and bonus during 2006, as well as two years of medical, life and disability insurance coverage. In addition, he will be entitled to reimbursement of certain legal fees. Mr. Caplan’s resignation from the Board effectively severs all ties with the Company. ADVERTISEMENT
“E*TRADE’s Board and management team are acting swiftly to establish and execute a turnaround plan designed to unlock the Company’s value,” said Donald H. Layton, Chairman, E*TRADE FINANCIAL Corporation. “E*TRADE’s Board of Directors remains confident in the strength of the core franchise and the loyalty of its customer base.”
On November 29, the Company announced that Mr. Caplan had stepped down as Chief Executive Officer. E*TRADE FINANCIAL President and Chief Operating Officer R. Jarrett Lilien was immediately appointed acting Chief Executive Officer. In addition, Donald H. Layton was named Chairman of the Board, replacing former Chairman George Hayter. Mr. Hayter remains on the Board as a director. Mr. Layton is leading the previously announced executive search to fill the CEO position, for which Mr. Lilien and external candidates are being considered. The Company expects to announce its new CEO within the next 30-60 days.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services including trading, investing, banking and lending for retail and institutional customers. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank and lending products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.
Important Notice
E*TRADE FINANCIAL, E*TRADE and the E*TRADE logo are trademarks or registered trademarks of E*TRADE FINANCIAL Corporation. The statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, anticipated increases in the rate of new customer acquisition, the conversion of new visitors to the site to customers, the activity of customers and assets held at the institution, seasonality, the development and enhancement of products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. Further information about these risks and uncertainties can be found in the information included in the annual reports previously filed by E*TRADE FINANCIAL Corporation with the SEC on Form 10-K (including information under the caption "Risk Factors") and quarterly reports on Form 10-Q.
posted
I can see a possible bear bottom that could come into play on the following dates. Starting January the eighth through January 17,-- 2008. chuck
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Stock trader, did you add some today? I missed the dip when it went down to 2.08.then it came back to around 2.43 or something in that area. Would have been a nice little nest egg.
Think maybe I'll still keep tracking for a possible dip again. May get lucky this time. chuck
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quote:Originally posted by chuck9: Stock trader, did you add some today? I missed the dip when it went down to 2.08.then it came back to around 2.43 or something in that area. Would have been a nice little nest egg.
Think maybe I'll still keep tracking for a possible dip again. May get lucky this time. chuck
I got in at $2.20- that dip to $2.08 was lightning fast. Most people would have missed it.
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Bilgert, was out of the office when it happened. If it was as fast as you said it was. It would make no difference if I was in the office. chuck
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It was literally less than 3 seconds- it dropped like crazy after I made my buy and it immediately corrected. Been a while since I've seen the L2s for a big board stock freak out like that.
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ETrade plans to exit institutional business Tue Jan 8, 2008 4:55pm EST By Svea Herbst-Bayliss
BOSTON (Reuters) - Online brokerage E*Trade Financial (ETFC.O: Quote, Profile, Research) said on Tuesday that it will exit the U.S. institutional sales business as it tries to streamline operations, but analysts still question its financial health.
"Upon further review of the core business and as part of last month's announced turnaround plan, we've decided to divest ourselves completely of our institutional sales business as the scale of the business did not warrant the expense of capital," ETrade spokeswoman Pamela Erickson said.
Roughly 30 jobs will be cut, Erickson said.
The news came after the company's share price hit its lowest level since 1996, tumbling more than 20 percent. In afternoon trading on Nasdaq, shares were down 61 cents or 21.91 percent at $2.20.
Speculation that ETrade might lose more customers, possibly fueled by a negative Citigroup analyst's report, reaction to a negative report from a ratings agency on Monday, and talk that Countrywide Financial Corp (CFC.N: Quote, Profile, Research), America's largest mortgage lender, might file for bankruptcy all weighed on the broker's shares, analysts and investors said.
Selling in ETrade stock also accelerated after the price fell below $3 a share, a point where many large investors are forced to liquidate their holdings. Last year, ETrade ranked as the Standard & Poor's 500 Index' worst performing company after it lost 87 percent in value.
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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cannot say if it will fall any lower .I will say I cannot find any support. The news that came out this morning was encouraging . So far this morning, we have had a range from 2.60 down to 2.35, and at this time that is where it is setting. chuck
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just found an up trend line with a reading of 2.25.as you know this will change . So for the stock to go any lower. It will have to break this trendline. chuck
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