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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Calvin who wrote (7563)	7/13/1999 9:01:00 AM
From: Dorine Essey	Respond to of 13953

DJ ETrade/TIR Hldgs -2: Buy To Close This Summer EGRP -------------------------------------------------------------------------------- Dow Jones News Service via DowVision 13 Jul 8:49 MENLO PARK, Calif. (Dow Jones)--ETrade Group Inc. (EGRP) agreed to acquire TIR Holdings Ltd., an international financial services company, for about $122 million in common shares. In a press release Tuesday, ETrade said it expects the transaction to help earnings. TIR Holdings reported about $100 million in revenue for the year ended April 30. For the year ended Sept. 29, 1998, ETrade reported a loss of $1.3 million, or 3 cents a share, on revenue of $245.3 million. ETrade expects the acquisition to accelerate its plan to build a global cross-border trading network for online investors, which will enable trading in foreign securities accessible to retail, corporate and institutional investors. The transaction, which will diversify ETrade's revenue base, is expected to be completed later this summer subject to regulatory approvals. ETrade said full integration of TIR Holdings' network, products and services is expected to be completed in the next 12 months. Nasdaq-listed shares of ETrade, which provides online investment services, closed Monday at 38 5/16. -Eamon Beltran; 201-938-5400 (END) DOW JONES NEWS 07-13-99 08:49 AM

To: Calvin who wrote (7563)	7/13/1999 9:49:00 AM
From: Diamond Jim	Respond to of 13953

Both trading down.

To: Calvin who wrote (7563)	7/14/1999 3:49:00 AM
From: Calvin	Read Replies (1) \| Respond to of 13953

Merrill Lynch and PaineWebber reported record-breaking quarterly earnings that significantly beat Street expectations, but investors stayed away from most names in the group. "It?s not that the earnings weren?t positive," says Keefe Bruyette & Woods Inc. analyst Derek Statkevicus. "I think it was already priced into the market to a certain extent." Merrill Lynch, the nation's largest brokerage, said profits were driven by a jump in fees for advising companies on mergers and takeovers, and by a lower tax rate. Merrill earned $673 million, or $1.57 per share, in the second quarter, up from $1.31 a share in the same quarter last year. The Street was predicting $1.46 a share. Merrill?s fees jumped from both the first quarter and from the year-ago period as the worldwide merger boom continued. Fees from helping companies sell stock to investors nearly doubled from the first quarter and were sharply higher than a year ago, Merrill said in a press release. Merrill's tax rate was lower in the second quarter due to higher tax-exempt and non-U.S. income. Merrill shares rose, despite the sudden announcement Monday that President and Chief Operating Officer Herbert Allison, Jr. is retiring from the company. Brown Brothers Harriman & Co. analyst Raymond Soifer said the earnings results and the retirement news were built into Tuesday?s share price. PaineWebber reported the firm?s strongest quarterly earnings and revenues in its 119-year history. Net income for the period ended June was $163.5 million, or $1.02 per share, a 26% increase from a year ago. The results easily topped Street expectations of 94 cents a share. PaineWebber CEO Donald Marron said that, in addition to the healthy profits, "significant progress was also made in the development and implementation of the firm's online strategy." In other sector news, online broker ETrade announced a deal to acquire TIR Holdings Limited, an international financial-services company offering global currency and securities execution, and settlement services. The acquisition is expected to accelerate ETrade?s goal of building the first global cross-border trading network for online investors, making trading in foreign securities accessible to retail, corporate and institutional investors alike, the company said in a press release. TIR shareholders will receive E*Trade common stock valued at approximately $122 million. MG smartmoney.com