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Non-Tech : E*Trade (NYSE:ET)

ET 16.32

+0.5%

10:58 AM EST

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To: Green Receipt who wrote (9031)	10/22/1999 4:42:00 PM
From: Spytrdr	Read Replies (3) of 13953

Schwab Mentality By James J. Cramer 10/22/99 3:07 PM ET Got a real hankering for Schwab (SCH:NYSE) stock. Think of it -- the darn thing goes up significantly in the face of the company losing market share to ETrade (EGRP:Nasdaq), having its system down every day and generally being in denial about its systemwide problems. Is this stock telling you something? Is this stock saying that trading has come back -- bunch of straight days with volume of 900 million? Is it saying that this Glass-Steagall stuff really matters? Is it saying that many hedge funds have been short the brokerages all year because they have been coining money? I just don't know. I know this, though: This segment is so low and so ripe for consolidation that I have chased Schwab up all day, hoping it will come in. Right now, it looks like I'm not going to get my wish. Bummer. -------------------------------------------------------------------------------- James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long ETrade. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at jjcletters@thestreet.com. -------------------------------------------------------------------------------- Send letters to the editor to letters@thestreet.com

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