E*TRADE (ETFC) Soars After Citadel Kills Stock Sale Plan
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After opening up slightly higher, shares of E*TRADE Financial (Nasdaq: ETFC) have now ramped 13% following news this morning that the company's largest shareholder, hedge fund Citadel, terminated its stock trading plan. The news removes a major overhang from the potential sale of 120,000,000 shares Citadel had originally planned to sell.
It its termination statement, Citadel said the termination of the plan at this time is in the best interests of E*TRADE and all of its stakeholders.
Citadel owns in excess of 1.1 billion shares of E*TRADE Common Stock, in addition to its existing debt holdings. The 120,000,000 shares represented slightly over 10% of Citadel's holdings of E*TRADE common stock.
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