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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
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Monday, June 30, 2008
E*TRADE FINANCIAL Corporation Announces Second-Quarter 2008 Earnings Conference Call
Comtex
NEW YORK, Jun 30, 2008 (BUSINESS WIRE) ----E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today announced that it will report its second-quarter 2008 financial results after the close of the U.S. financial markets on Tuesday, July 22, 2008. The Company will host a conference call to discuss the results beginning at 5:00 p.m. (EDT). This conference call will be available to domestic participants by dialing 800-683-1525 and 973-872-3197 for international participants. The conference ID number is 54304105. A live audio webcast and replay of this conference call will also be accessible at https://investor.etrade.com.
The Company also announced that it continued to experience strong performance in its retail franchise during the second quarter, generating positive trends in net new customer accounts and asset flows. While the overall credit environment remains highly challenging, the strength and stability of the Company's retail business continues to generate earnings in the Bank to absorb credit losses in excess of management's current three-year forecast. The Company also affirmed that it continues to expect excess risk-based capital at the Bank (excess to the regulatory minimum threshold for "well capitalized") to approach $1 billion by year end.
Additionally, the Company completed actions during the second quarter that further reduced Parent Company debt by approximately $95.8 million, for total year-to-date reduction of $155.8 million. The second quarter reduction was achieved through a series of debt-for-equity exchanges ("3(a)(9) exchanges"). As previously announced, such exchanges serve to reduce leverage and debt service requirements at the Parent Company, and represent the principal means of capital raising expected in connection with the 2008 Turnaround Plan. The Company believes that these exchanges continue to provide a cost-effective and shareholder-friendly way of reducing corporate interest expense and leverage at the Parent Company.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services including trading, investing, banking and lending for retail and institutional customers. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank and lending products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.
Important Notice
E*TRADE FINANCIAL, E*TRADE and the E*TRADE logo are trademarks or registered trademarks of E*TRADE FINANCIAL Corporation. The statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, anticipated increases in the rate of new customer acquisition, the conversion of new visitors to the site to customers, the activity of customers and assets held at the institution, seasonality, macro trends of the economy in general and the residential real estate market, instability in the consumer credit markets and credit trends, rising mortgage interest rates, tighter mortgage lending guidelines across the industry, increased mortgage loan delinquency and default rates, portfolio growth, portfolio seasoning and resolution through collections, sales or charge-offs, the development and enhancement of products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. Further information about these risks and uncertainties can be found in the information included in the annual reports previously filed by E*TRADE FINANCIAL Corporation with the SEC on Form 10-K (including information under the caption "Risk Factors") and quarterly reports on Form 10-Q.
(C) 2008 E*TRADE FINANCIAL Corporation. All rights reserved.
SOURCE: E*TRADE FINANCIAL Corporation
E*TRADE FINANCIAL Corporation Media Pam Erickson, 617-296-6080 pam.erickson@etrade.com or Investor Relations Adam Townsend, 646-521-4406 adam.townsend@etrade.com
Copyright Business Wire 2008
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