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E-Trade (ETFC) down 5 to 3.59

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Legend
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Posted: #1
most active on the NASDAQ and biggest % decliner.
 
"Shares of E-Trade Financial Corp. lost more than half their value Monday, plunging as the company faces more subprime-related write-downs and as analysts at Citigroup suggest a possible bankruptcy for the online broker".
 
more subprime coming back to bite these fools
 
Legend
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Posted: #2
btw, GOOD CALL in the November Stock Talk V thread, claycourt
 
Covers Linesmen
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Posted: #3
Serves them right to be honest.

That CEO is known for taking risks and it looks like it will bite him in the butt now.

I bet AMTD is glad they called off merger talks..now they can pick up the pieces and gain market share on the tainted ETrade name.
 
All-Star
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Posted: #4
Yeah, Rink, I'd cover here in the mid 3s.
 
All the takeover rumors will run now.
 
E-Trade ain't going away.....it'll just get bought out by AMTD.  This deal has been in the works for years, and now it'll get done.
 
The time to short ETFC was back in July.....of course, I didn't do it.  Only suckers are shorting today.
 
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Posted: #5
AMTD is dancing in the streets today.  No doubt about it.
 
Legend
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Posted: #6
you will probably get all kinds of vultures circling including the likes of Carl Icahn and others. wouldn't be suprised to even see a "value investor" like Buffet take a position. after all, he once owned a +10% position in US Air
 
All-Star
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Posted: #7
Oh yeah.......Buffet is all smiles about the ETFC debacle today.  He lives for this crap.
 
Covers Linesmen
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Posted: #8
Buffett looks at ET and sees a dog with mortgage fleas..


 
All-Star
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Posted: #9
People opening new shorts on ETFC today had better be careful
 
Legend
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Posted: #10
People opening new shorts on ETFC today had better be careful
 
true, clay BUT thier going to get margin calls out the ass. as I remeber when I was a broker, those come out in the mid afternoon so we will see what happens the last hour today.
 
wouldn't put on a short here BUT wouldn't buy for a "dead cat bounce" either.
 
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Posted: #11
Agreed,  I wouldn't buy either, but I'd buy long before I went short if a gun's to the head.
 
Believe me, and you know this better than I being an ex-broker.....there are suckers galore out there today opening up brand new shorts on the news today.
 
And unless they're nimble as hell and know what they're up against, they're going to take a vicious whipsaw to their account as soon as takeover rumors start flying.
 
Legend
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Posted: #12
HUGE % bounce tueday. 4.65 +1.10
 
wouln't be the least suprised if there where takeover rumors flying
 
Legend
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Posted: #13
speculators buying the hell out of ETFC again wednesday. went over $6 which is a damn near double from monday's washout.
 
BUT wouldn't buy for a "dead cat bounce" either.
 
goes to show you how smart I am
 
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Posted: #14
Quote Originally Posted by claycourtlesson:

Yeah, Rink, I'd cover here in the mid 3s.
 
All the takeover rumors will run now.
 
E-Trade ain't going away.....it'll just get bought out by AMTD.  This deal has been in the works for years, and now it'll get done.
 
The time to short ETFC was back in July.....of course, I didn't do it.  Only suckers are shorting today.

Typical.

The suckers who piled on the "short ETFC" train Monday sure as hell got taken.

I didn't have the balls to buy it long for a short term trade when it did get to the 3s on Monday, so I shouldn't run my gdmf-ing mouth.  I just sat there looking like an a--hole and did nothing.

 
Legend
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Posted: #15
looking like the shorts may be correct afterall but were just early on the initial dump. stock down 0.76 tuesday 11-20 @ 3.95. in retro the time to shaort was after that 'dead cat bounce"
 
Legend
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Posted: #16
they are also pounding Countywide (CFC) today on more subprime warnings. down 1.57 to 9.00
 
All-Star
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Posted: #17
Rink-
 
Yeah, but you know as well as I that the smart money got short these 2 names a long, long, long time ago.
 
The smart money is covering to sucker money today.
 
I am not messing with CFC, but I am considering a short term "trade" with ETFC if the selling persists into the close.  ETFC is obviously for sale.
 
Legend
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Posted: #18
ETFC is obviously for sale.
 
got it on my stock watch. want to see what it does close to the previous low (pretty close now). MAY buy EFTC for a trade BUT I think the margin calls will probably take CFC lower. could end up mirroring the ETFC chart.
 
All-Star
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Posted: #19
Rink-
 
My opinion here.....so take it for it's worth or isn't.......
 
The potential up for ETFC due to the takeover yakkety yak is higher than the potential down for ETFC due to financial chaos.
 
I'll make a decision on this one later in the day, but if it starts to run up quick on volume, then I am getting on baord the train for a quick day trade.  Not a HUGE gamble, but 5000 shares looking to close out at day's end and not lose sleep tonight about what could or may not happen.  If money is there, then I'm taking it and running.
 
Legend
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Posted: #20
The potential up for ETFC due to the takeover yakkety yak is higher than the potential down for ETFC due to financial chaos.
 
agree  but I might wait a day or so. only reason is I don't think traders are going to want to hold stock over a long weekend considering current market conditions.
 
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Posted: #21
Well, it's live now.
 
Long now for 5000 shares ETFC X 3.84.  I'll let it ride in to tomorrow and maybe longer and see what happens.
 
Cheers
 
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Posted: #22
Not going to be around to post today, but "if" ETFC gets some sort of gap up at the open, then I'm canning it and taking the money.  If down or flat from 3.84, then I'll play it by ear.
 
Cheers
 
Legend
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Posted: #23
Long now for 5000 shares ETFC X 3.84.
 
looking like a good trade so far on wednesday @ 4.21 + 0.41, clay
 
 
 
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Posted: #24
Yeah, Rink.  It was down this morning, so while at work I just said f--k it.....just got home to see it up nicely.
 
I'll let it ride into Friday, since the broad market sold off today as everyone is too chicken sh--t to hold anything.
 
As you know, the consensus will be wrong again.
 
Takes brass balls to do this stuff.
 
Have a good one.
 
Cheers
 
 
Legend
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Posted: #25
GOOD trade became a GREAT trade friday, clay. 5.28 + 1.02 with half an hour to go on the friday "short" session and an intraday of 5.49
 
your speculation was correct. CNBC friday..... 
 
"E-Trade Financial, the beleaguered online trader, is in talks to sell itself, according to people familiar with the situation. Bankers say that while there is plenty of interest, it is far from clear whether anything will get done."
 
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