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Non-Tech : E*Trade (NYSE:ET)
ET 16.64-1.7%Nov 20 3:59 PM EST
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To: Spytrdr who wrote (10252)12/29/1999 11:31:00 AM
From: KM  Read Replies (1) of 13953
 
From Briefing:

Online Brokers : Bolstered by Schwabs (SCH 37 3/8 +3 1/16) announcement that
it will report better than expected earnings, the online brokerage stocks are back in
vogue. Others in the group rallying in concert with SCH include, E*TRADE (EGRP
27 11/16 +1 15/16), National Discount Brokers (NDB 27 3/4 +1 1/2), DLJ Direct
(DIR 14 1/4 +1) and Ameritrade (AMTD 22 23/32 +2 7/32). That SCH
preannounced strong earnings should come as no surprise given the active trading
that has taken place over the past few months. What was a bit surprising to
Briefing.com is that it has taken investors so long to warm back up to the group, as
most of the stocks were at, or just above, their 52-wk lows heading into today's
session. Anxiety over increased competition and declining margins has kept the
sector on the defensive despite the booming market. End of year tax-selling (for
those that bought during the Spring peak) also weighed on the sector. However,
the bullish earnings news by SCH likely to trigger a series of rating/earnings
upgrades throughout the industry over the next few weeks. Combine this
development with the January effect (in which the bottom dwellers tend to rally) and
the upcoming earnings season, and Briefing.com contends that the near-term
propects for this group look quite promising.-- RW
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