E*Trade Bankruptcy Is `Highly Unlikely,' BMO Says |
| Bloomberg - Nov 13, 2007 |
E*Trade Financial Corp., the online brokerage whose shares plunged 59 percent yesterday, is ``highly unlikely'' to declare bankruptcy, BMO Capital Markets said.
E*Trade shares surged the most in six years, adding 61 cents, or 17 percent, to $4.16 as of 9:48 a.m. in New York. The stock has lost 84 percent this year through yesterday, compared with an 18 percent slide for the Standard & Poor's 500 Financials Index.
``Management has stated that the company could absorb $1 billion in writedowns and still maintain well-capitalized status,'' analyst Michael Vinciquerra wrote in a note. ``The company also indicated to us that it is spending a great deal of time looking for ways to cap or lay off its potential losses.''
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- Posted: 2007-11-13 10:15:17
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