Investors Feel The Pain Of E*TRADE (ETFC) Collapse
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Today's disaster-dujour is E*TRADE (Nasdaq: ETFC). The stock is down over 50% following disclosures of more mortgage and CDO exposure and the subsequent downgrade by Citigroup, which included the dreaded words "bankruptcy" and "run-on-the-bank". The news sent investors flocking.
Some big losers in the stock today included some large institutional investors including Oppenhiemer Funds, T Rowe Price and Wellington Management. Oppenhiemer Funds recently disclosed (qtr ended 09/30) they raised their stake in the company to 6.8%. Based on the decline, the fund lost more than $130 million - just today! While T Rowe Price and Wellington have been trimming their stake, they held 7.3% and 8.5%, respectively, at the quarter ended June 30, 2007.
Other large holders of E*TRADE include Davis Selected Advisers, Vanguard and Barclays.
Some big losers in the stock today included some large institutional investors including Oppenhiemer Funds, T Rowe Price and Wellington Management. Oppenhiemer Funds recently disclosed (qtr ended 09/30) they raised their stake in the company to 6.8%. Based on the decline, the fund lost more than $130 million - just today! While T Rowe Price and Wellington have been trimming their stake, they held 7.3% and 8.5%, respectively, at the quarter ended June 30, 2007.
Other large holders of E*TRADE include Davis Selected Advisers, Vanguard and Barclays.
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