E-Trade (ETFC -0.4%) gives back early gains and adds to Friday's 5% sell-off ahead of earnings...

|By:, SA News Editor

E-Trade (ETFC -0.4%) gives back early gains and adds to Friday's 5% sell-off ahead of earnings this week. The firm says the selling seems overdone, believing the decline to be largely due to a negative read-through from JP Morgan (JPM -0.4%), which had to move $1.6B of mostly current second lien loans to non-performing status. Wells thinks the accounting change won't have significant impact on ETFC's results.