E-Trade Sees Profit Surpassing Estimates
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Online brokerage E-Trade Group Inc. raised its forecast for 2002 operating earnings and said it was buying back 20 million of its shares--worth about $146 million--from Internet investor Softbank Corp.
Shares of the online broker rose 66 cents to $10.46 on the NYSE.
E-Trade and its peers have been hurt by a marked decrease in customer trading activity, but the company said it expects 2002 earnings of 40 to 50 cents a share.
Its earlier forecast was for operating profit in the range of 35 to 49 cents a share.
E-Trade is buying its stock from Softbank at $7.28 a share. The deal will leave Softbank’s stake in E-Trade at 33 million shares, or 9% of the total outstanding.
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