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ETFC Preview: Still All About Credit

By Brian Gilmartin

 About this article:
 E*Trade Financial reports earnings on Tuesday, and expectations are for a loss of 9 cents per share on $202 million in revenue, for year-over-year gains of, well, a substantial amount, since the company is comping against a loss of 60 cents per share on a revenue loss of $140 million from last year. When the housing and credit tsunami hit in 2008, I thought that E*Trade would be one of its first victims, and I owe the company an apology since it has weathered the storm quite well. Management even guided slightly higher on net revenue after the July/August 2009 quarter as brokerage trends are positive. Substantial worries still exist around credit, however, as during the September announcement, E*Trade did say (according to a CreditSuisse note) that third-quarter provision expense is expected to be $300 million to $375 million, with net charge-offs of $350 million to...

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