E*TRADE Financial Corporation (ETFC) Shares Fall on Downgrade
Shares of E-Trade Financial Corp. fell Tuesday morning after an analyst downgraded the company, saying that despite a recent cash infusion from Citadel Investment Group, the online lender still has considerable exposure to the mortgage market.
Shares fell 17 cents, or 4.1 percent, to $3.94 after the opening bell.
Garp Research & Securities analyst Seth Dadds downgraded the stock to "Neutral" from "Buy," saying in a client note that Citadel's $2.55 billion cash infusion doesn't "eliminate E-Trade's $12.4 billion second lien (HELOC) mortgage exposure, which we think will continue to pressure the shares."
Shares fell 17 cents, or 4.1 percent, to $3.94 after the opening bell.
Garp Research & Securities analyst Seth Dadds downgraded the stock to "Neutral" from "Buy," saying in a client note that Citadel's $2.55 billion cash infusion doesn't "eliminate E-Trade's $12.4 billion second lien (HELOC) mortgage exposure, which we think will continue to pressure the shares."
Labels: E*TRADE Financial Corporation, ETFC
posted by Stock Administrator @ 12:04 PM
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