E*TRADE Almost Reverses Own Fortune (ETFC)
The analyst who upgraded E*TRADE Financial Corporation (NASDAQ: ETFC) at Citigroup is probably not feeling as confident as compared to about an hour ago. Citi raised its rating to BUY from Hold and raised its target to $2.30 from $1.50. This…
E*TRADE entered into an equity distribution agreement with Sandler O’Neill + Partners, L.P. to offer and sell up to $150,000,000 of common stock through the ATM program from time to time. The online brokerage firm intends to use the proceeds to boost liquidity for the parent company and for working capital and general corporate purposes.
The sale is expected to take place in the open market when and where Sandler O’Neill decides is best. Interestingly enough, the firm is able to buy shares as principal for its own account.
The stock had been up north of $1.80 before the news hit the tape. Now shares are up ‘only’ 4.8% at $1.74 on right at 50 million shares.
JON C. OGG
SEPTEMBER 14, 2009
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
