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

To: Bob Biersack who wrote (5793)	4/5/1999 10:50:00 PM
From: LABMAN	Read Replies (1) \| Respond to of 13953

from reuters Home - Yahoo! - Help Eliminate Your Debt - Click Here [ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire ] Monday April 5, 9:50 pm Eastern Time Etrade soars 43% as U.S. 'Net stocks up SYDNEY, April 6 (Reuters) - Shares in online broker ETrade soared 36 percent on Tuesday following stellar gains in its U.S. listing ETrade Group Inc (Nasdaq:EGRP - news). Etrade shot as much as A$2.10, or 43 percent higher to an intraday record at A$6.95. As of 11:15 a.m. (0115 GMT), Etrade shares had edged back slightly, and were A$1.75, or 36 percent, higher at A$6.60. Brokers said the stellar gains were generated in part by a renewed buying frenzy on Monday on Wall Street for Internet stocks, including ETrade Group Inc (Nasdaq:EGRP - news). NASDAQ-listed Etrade shot US$11.75 higher on Monday in New York to US$72- on news that investors had conducted a record number of stock trades online in the first quarter of calendar 1999. U.S. investors expected the robust Internet trading to make for stronger-than-expected first quarter earnings. ''We're seeing a bit of catch-up here,'' a Sydney-based broker said, referring to the stock's U.S. gains. ''To some extent, the Computershare placement is still triggering some buying,'' he said. On Thursday, Etrade rocketed some 26.5 percent after it said it had reached an agreement to place 15 percent of its share capital to trading software group Computershare Ltd . ''It's not very liquid,'' Martin Angel, a dealer at CIBC Eyres Reed said of Etrade stock. ''It's quite easy for these stocks to move in large amounts and have a big price jump in the process because of the lack of any real liquidity,'' he said. ''If you go back to early March, this stock used to trade 60,000 shares a day, if that. Now it's trading 700,000 a day, so that's a big factor (in the price rise).'' The Australian Stock Exchange announced earlier on Tuesday that trading in Etrade shares had been halted until the start of trade on Thursday or until the company makes an announcement. At the time its share trading was halted, shares in the online broker were A$1.75, or 36 percent higher, at A$6.60. More Quotes and News: E Trade Group Inc (Nasdaq:EGRP - news) Related News Categories: computers, publishing, US Market News Help Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?