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BUSINESS
January 8, 1999 | Bloomberg News
E-Trade Group Inc., the No. 2 online brokerage, and Wall Street giant Goldman Sachs Group each agreed to acquire about 25% of the Archipelago electronic network for trading Nasdaq stocks. Archipelago is one of nine ECNs, or electronic communications networks, approved by the Securities and Exchange Commission to use computers to match purchase and sale orders outside the stock markets' trading systems, anonymously and without intermediaries.
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BUSINESS
August 5, 1999 | Reuters
Internet brokerage executive Frank Petrilli, who nine days ago said he would join E-Trade Group Inc., said he will instead return to TD Waterhouse Group Inc. Petrilli, 48, told Reuters: "A confluence of things on a personal level and a family level caused me to rethink my decision before officially starting at E-Trade. This has nothing to do with the E-Trade organization or the people at all."
BUSINESS
February 6, 1999 | From Times Wire Services
No. 3 Internet brokerage E-Trade Group Inc. suffered its third outage in three days Friday, prompting another flurry of complaints from investors and raising more questions over the ability of online trading systems to provide seamless service. Palo Alto-based E-Trade said its online trading site shut down for about half an hour because of a persistent software glitch. The faulty software was discovered earlier in the week and was replaced, but disruptions continued.
BUSINESS
July 18, 2000 | From Bloomberg News
E-Trade Group Inc., the second-biggest online broker, said Monday that it has agreed to buy San Francisco-based Electronic Investing Corp., which lets clients build portfolios through dollar-amount investments. Closely held Electronic Investing, which does business as EInvesting, allows investors to buy securities in dollar denominations rather than by shares. Menlo Park, Calif.
BUSINESS
November 12, 1998 | From Times Wire Services
Online brokerage E-Trade Group Inc. and other broker-dealers plan to start a new electronic stock-options exchange that will offer trading at a much lower cost than the four major options floors. The new International Securities Exchange will be "much more efficient than a floor-based system," and could shave the price of an options trade by 30% or more, E-Trade Chairman William Porter said this week. Porter would be chairman of the new market.
BUSINESS
April 9, 1999 | GREG JOHNSON, advertising and marketing reporter
E-Trade Group Inc. today will unveil an advertising campaign designed to position the company as the preferred brand in the young but fast-growing world of online financial services. The Palo Alto-based company declined to break out costs of the new campaign, but E-Trade Marketing Vice President Michael Sievert said the company's advertising and marketing budget for the current fiscal year will total $150 million.
BUSINESS
October 14, 1999 | Walter Hamilton
E-Trade Group Inc. on Wednesday reported a smaller-than-expected net loss for its fiscal fourth quarter while notching solid growth in customer accounts. The second-largest online brokerage firm lost $26.7 million, or 11 cents a share, compared with a loss of $15.2 million, or 8 cents, a year earlier. However, that was better than the 13-cent loss expected by Wall Street analysts. The Menlo Park, Calif.-based company added a net 310,000 accounts during the quarter ended Sept.
BUSINESS
January 12, 2001 | From Times Staff and Wire Reports
E-Trade Group Inc., moving to diversify in order to weather the shaky stock market, said Thursday it will buy LoansDirect.com, a closely held online mortgage broker. Although specific terms weren't disclosed, E-Trade said the transaction will involve an exchange of stock. Huntington Beach-based LoansDirect, a major provider of online mortgages, will become part of E-Trade's bank subsidiary.
BUSINESS
January 5, 1999 | From Bloomberg News
E-Trade Group Inc. shares rose nearly 19% on Monday after announcing it was splitting its stock 2 for 1, after a year of seeing its share price more than double on growth in online trading. E-Trade, the No. 2 online broker, rose $8.66 to close at a record $55.44 on Nasdaq. The stock closed 1998 at $46.78, up from $23 at the end of 1997. It's the first split for the Palo Alto-based company, which priced its initial public offering at $10.50 in August 1996.
BUSINESS
July 10, 2001 | From Bloomberg News
E-Trade Securities, the No. 2 on-line brokerage, on Monday was fined $90,000 by regulators for deceptively advertising the costs of investing in a new mutual fund it was starting in 1999. The National Assn. of Securities Dealers' regulatory arm also alleged the E-Trade Group Inc. unit used misleading language in direct-mail marketing to current and prospective investors. The NASD said E-Trade's advertising supervision was inadequate. Menlo Park, Calif.
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