By Reuters* Back in black as loan loss provisions drop sharply* New CEO: Likely no need to raise capital again* Q2 EPS 12 cents vs Wall St estimate of 11-cent loss* Shares jump 7 percent after hoursNEW YORK – Online broker E*Trade Financial Corp surprised Wall Street by posting its first quarterly profit in three years, helped by a far smaller provision for loan losses than analysts had expected, and its shares rose 7 percent.A sharp trading spike also helped snap 11 quarters of losses for the E*Trade, whose shares were hammered in recent years as its mortgage-related loans soured.Company executives told Reuters on Thursday it was now unlikely to need to raise external capital — a marked change from a year ago when bankruptcy seemed a possibility.”It’s quite a substantial improvement, and I reckon it will be quite a pleasant surprise for the Street.” said Chief Executive Steven Freiberg, who took the reins in April.E*Trade’s shares rose 7 percent after hours after closing up 4.46 percent at $13.35.The company set aside $166 million for loan losses in the quarter, compared with $268 million in the previous quarter.
Posts Tagged ‘Second Quarter’
E*Trade Posts Surprise Profit After Three Years of Losses
July 23rd, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Charge Offs, Citadel Investment Group, Company Executives, E Trade, E Trade Financial, E Trade Financial Corp, Freiberg, Loan Loss Provisions, Loan Losses, Morningstar, Online Broker, Quarter Charge, Quarterly Profit, Reins, Reuters, Second Quarter, Shareholder, Straight Quarter, Substantial Improvement, Trade Posts 
Comments OffRenaissance Institutional Equities Fund’s -12.6% first half 2009
October 24th, 2009 Before You Invest Renaissance Institutional Equities Fund’s -12.6% return in the first half this year sharply lagged behind the S&P 500’s 3.19% for the same period. The second quarter was especially terrible: The long-small equity fund returned -4.73%, versus the index’s 15.93%, according to performance data from eVestment Alliance LLC.
416 US banks on FDIC’s problem bank list
August 29th, 2009 Before You Invest A total of 416 US banks were on the Federal Deposit Insurance Corporation’s (FDIC’s) problem list during the second quarter of 2009, the regulatory body has revealed.The figure, which is a 15-year high, is a sharp rise on the 111 that were included during the first three months of the year.Shelia Bair, chairman of the FDIC, said that there has been a steady increase in the proportion of financial institutions that are troubled, but added that levels are “still well below” those seen during the previous financial crisis.”As banks and thrifts continue cleaning up their balance sheets, more are coming on to our problem list,” she clarified, noting that there have been 81 failures so far this year.The FDIC stated its deposit insurance fund was down to $10.4 billion during the three-month period – a fall of 20 per cent – but that it will not be asking for further funding from the Treasury.Colonial BancGroup is one bank to have failed so far this year, with the financial institution filing for bankruptcy recently after its retail banking operations collapsed.more at http://online.wsj.com/article/SB125137695691263385.html
Posted in Finance Fraud Tags: Balance Sheets, Banking Operations, Colonial Bancgroup, Deposit Insurance Corporation, Deposit Insurance Fund, Fdic, Federal Deposit Insurance, Federal Deposit Insurance Corporation, Filing For Bankruptcy, Financial Crisis, Financial Institution, Financial Institutions, First Three Months, Months Of The Year, Proportion, Regulatory Body, Retail Banking, Second Quarter, Thrifts, Treasury, Wsj No Comments »Price war takes toll on Nasdaq’s profit, market share
August 7th, 2009 Before You Invest Nasdaq OMX posted a 31% drop in profit for the second quarter and said its share of equity trading in the U.S. declined by a third. The results were partially because of a price war with BATS Exchange, Direct Edge and other rivals. The trans-Atlantic exchange reported $69 million in quarterly profit compared with $100 million during the same period last year.more athttp://www.ft.com/cms/s/0/5aca07fe-828b-11de-8cc2-00144feabdc0.html
Posted in Finance Fraud, NASDAQ OMX Tags: 100 Million, Bats, Cms, Equity Trading, Market Share, Nasdaq Market, Omx, Price War, Quarterly Profit, Rivals, Second Quarter, Share Trading, Trans Atlantic No Comments »Goldman tops estimates with record Q2 earnings
July 15th, 2009 Before You Invest Goldman Sachs posted a net income of $3.44 billion, or $4.93 a share, in the second quarter, up 65% from a year ago. The earnings were the largest in the firm’s history and topped analysts’ average estimate of $3.65 per share. more athttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayS40SuxDlU0
Posted in Finance Fraud Tags: Amp, Earnings, Estimates, Goldman Sachs, Net Income, Newsarchive, Pid, Second Quarter, Sid, Topped Analysts, Tops No Comments »NYSE Euronext, Pipeline to launch share-trading facilities
March 10th, 2009 Before You Invest NYSE Euronext is launching today its alternative trading platform called NYSE Arca Europe. Meanwhile, Pipeline, a U.S. operator, will debut its plans for a “dark pool” trading system to launch in the second quarter. The facilities will open as equity markets continue to deteriorate, raising questions about the viability of such platforms.more athttp://www.ft.com/cms/s/0/68bfa3e2-0c1a-11de-b87d-0000779fd2ac.html?nclick_check=1
Posted in Finance Fraud Tags: Cms, Dark Pool, Europe, Launch, Nyse Arca, Nyse Euronext, Pipeline, Platforms, Pool Trading, Second Quarter, Share Trading, Trading Platform, Viability Comments Off
