Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Jerry Miller who wrote (4358)	1/19/1999 12:39:00 PM
From: Rick McDougall	Read Replies (2) \| Respond to of 13953

Tuesday January 19, 11:59 am Eastern Time EOFFERING receives many calls about IPO offerings NEWPORT BEACH, Calif., Jan 19 (Reuters) - Online investment bank EOFFERING, in part owned by ETRADE Group Inc. (Nasdaq:EGRP - news), said Tuesday it has started a customer service because of the large number of questions about its initial public offering services. In an attempt to move Internet brokers further into stock offerings, one of the securities industry's most guarded businesses, EOFFERING said it will reduce the corporate fees traditionally associated with the underwriting process to less than 7 percent and it plans to provide greater access to subscribed public offerings. The company started operations on Jan. 12, 1999. ''After just one week, we've had tremendous response to the news announcing the formation of EOFFERING,'' said Walter Cruttenden III, president of EOFFERING. He added, ''Companies clearly are attracted to EOFFERING's new e-commerce business model and the access it intends to provide to individual investors via our alliance with ETRADE.'' EOFFERINGS intends to distribute up to 50 percent of every stock offering to online retail investors, with ETRADE customers being generally given first access to these shares. The remaining portion of the offering will be distributed to institutions through the company's planned institutional sales group. EOFFERING was founded by Walter Cruttenden III, former chief executive officer and president of Cruttenden Roth Inc., Sandy Robertson, founder and former chief executive officer of Robertson Stephens & Co., and ETRADE Group, 28 percent owner of the online investment bank. ETRADE's investment announcement pushed the stock to a record high of $106.50 last week. ETRADE participated in 25 IPOs in 1998 and aims to increase that business by focusing on small company stock offerings of $25 million to $50 million. Its shares were up 2-1/8 at 88-1/8 on Tuesday.

To: Jerry Miller who wrote (4358)	1/19/1999 12:52:00 PM
From: Jma	Read Replies (3) \| Respond to of 13953

I have a problem with my ETRADE account and I would appreciate it very much if someone could shed some light on this. I contacted ETRADE through E-Mail regarding the following problem without any response so far. I had 1000 shares of a particular stock and I placed a limit sell order on 1000 shares, I also placed a stop limit sell order on 1000 shares of this same stock. My intention was to sell it when the price goes up to my target and also sell it when the price drops below a particular price. Both orders were accepted by ETRADE without any problem. I assumed only one order can be executed since I only had 1000 shares in my account. Unfortunately as it turned out, both orders were executed by ETRADE and I was over committed by 1000 shares. I called the customer service ( after waiting online for 1 hour) and I was told the system could normally catch this type of error, but if the system did not catch the error, then I have to be responsible for it. I was told I need to buy back 1000 shares otherwise ETRADE would do it for me. I immediately bought back 1000 shares at a lower price (I assume I made money , but it does not show up on my tax record?). This whole thing happened a week ago. My Account now shows I have NO position on this stock, but my portfolio shows I still have 1000 shares of this stock and I'm losing a lot of money on it since the price is dropping everyday. My questions are: 1. Has anybody had this type of problems with ETRADE? Or is it unique to me? 2. Should I believe my Account or my Portfolio with respect to this particular stock? In other word, do I still have any positions on this stock or not?