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Earnings are out and ETC posted a -.19 loss per share this quarter. Not the great news I was hoping for, but much of this is due to the company's exposure to Fannie Mae & Freddie Mac. However, their loan exposure in terms of Home Equity and Mortgages has been reduced significantly and this bodes well for the future.
Jul 22 16:15 pm
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All Comments by Ben Williams »Countering the AP's 'E*Trade Financial Earnings Preview' [View article]
Bottom line, not great news, but not devastating either. The turnaround plan IS working and they are moving in the right direction. A lot depends on the overall economy in terms of how long it might take, but it looks as though they have turned the corner and will survive and hopefully thrive again in 2009. May not generate a profit in Q3 or Q4 this year, but capital raising is estimated to be around $800 million by year end, so that should be sufficient to cover their bad mortgage exposure. I am long ETFC and this report goes to my position. Be patient and this baby will turn around.