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E*Trade Posts 2010 Third Quarter Positive Earnings
For the second consecutive quarter, New York based E*Trade has posted positive profit. Their credit losses from bad mortgage loans have continued to decrease, helping to stabilize and improve margins.
Even in the current rallying bear market with low trading activity. E*Trade netted approximately 7,000 new brokerage accounts. They completed the quarter with $159 billion in client assets.
They reportedly are seeing more trading volume as of late which is a great sign for their large individual investor base. In a recent conference call, CEO Steven Freiberg stated, “The company has achieved a number of important milestones, allowing us to shift gears from defense to offense.” We look forward to seeing what moves they make over the next few quarters.
Today Etrade (ETFC) stock traded down $.63 (4.3%) to close at $14.12. As seen with the three year chart below, the stock has been struggling due to its exposure to the mortgage markets.
You can learn more about E*Trade’s investing platform, commission structure, and latest offers in our E*Trade Broker Review.
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