Reuters: Hot Stocks: E*Trade shares drop after biggest holder pulls out of stock

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

E*Trade shares drop after biggest holder pulls out of stock Mar 14th 2013, 14:36 NEW YORK, March 14 | Thu Mar 14, 2013 10:36am EDT NEW YORK, March 14 (Reuters) - Shares of E*Trade Financial Corp dropped as much as 6.8 percent Thursday morning following news that hedge fund Citadel LLC is dumping its stake in the bank and discount brokerage company. Citadel was E*Trade's largest investor, holding 27.4 million shares, equal to 9.6 percent of the outstanding shares. Citadel said late on Wednesday that it is selling its stake in a secondary offering. E*Trade will not receive any proceeds. Shares of E*Trade, which closed Wednesday at $11.82, were off 6.6 percent at $11.04 in morning trading after opening at $10.99. In a report to clients title "Bye Bye Baby-Citadel," a reference to E*Trade's wise-baby advertisements, Compass Point Research & Trading analyst Michael Tarkan said investors are likely to "take some profits this morning" as E*Trade shares have risen 32 percent this year. He has a "neutral" rating on the stock. (Reporting By Jed Horowitz; editing by John Wallace)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions