On Thursday, Shares of E*TRADE Financial Corp (NASDAQ:ETFC), gained 2.97% to $27.07.
E*TRADE Financial Corporation, declared results for its third quarter ended September 30, 2015, reporting a net loss of $153 million, or $0.53 per diluted share. This compares to net income of $292 million, or $0.99 per diluted share, in the preceding quarter and net income of $86 million, or $0.29 per diluted share, in the third quarter of 2014. The third quarter comprised charges related to the termination of wholesale funding obligations of $413 million pre-tax, or $251 million after tax. Not Taking Into Account these charges, net income would have been $98 million, or $0.33 per diluted share. This compares with adjusted net income of $72 million, or $0.25 per diluted share in the preceding quarter which excluded an income tax benefit related to finalizing an IRS audit. Total net revenue of $73 million comprises $370 million of losses related to the termination of wholesale funding obligations. Not Taking Into Account these losses, net revenue would have been $443 million contrast to $445 million in the preceding quarter and $440 million in the third quarter of 2014.
“The third quarter was positive for E*TRADE as our customers remained active in the midst of overall market uncertainty, our risk profile continued to improve, and we took another important leap forward on the capital front,” said Paul Idzik, Chief Executive Officer. “Raised customer trading activity – during what is typically a seasonally slow quarter – was punctuated by an all-time record day in August when we executed 394,000 trades. Our legacy loan portfolio continued its march toward extinction, with third quarter performance that led us to lower reserves. During the quarter we successfully deployed excess capital to eliminate high-cost legacy wholesale funding – a transaction that provides an immediate boost to our earnings power and creates capacity to on-board more valuable customer deposits – an opportunity that we have already begun to seize. As we near the end of 2015, I am optimistic about the opportunities for our business coupled with our ability to continue putting capital to work for our owners.”
E*TRADE also declared that its President, Navtej S. Nandra, will depart at the end of this year. The Company does not intend to replace the position. In connection with his departure, the Company will record a charge of about $6 million in the fourth quarter.
E*TRADE stated DARTs of 156,000 during the quarter, an improvement of 4 percent from the preceding quarter and an improvement of 2 percent as compared to the same quarter a year ago.
E*TRADE Financial Corporation, a financial services company, provides brokerage and related products and services primarily to individual retail investors under the E*TRADE Financial brand name. It operates through two segments, Trading and Investing, and Balance Sheet Administration.
Shares of NetApp Inc. (NASDAQ:NTAP), inclined 2.93% to $34.38, during its last trading session.
NetApp, declared a special offer for buyers of select NetApp all-flash systems, with a guaranteed1 3X improvement in enterprise database performance contrast to that of traditional, non-flash disk-based systems.
“Speed is now a clear differentiator for businesses of all types. Customers can add NetApp all-flash systems as a low-risk means to dramatically accelerate performance, with payback on their investment in as little as six months,” said Lee Caswell, vice president, Product, Solutions and Services Marketing, NetApp. “Our 3X Performance Guarantee is appealing to enterprises with competitive systems coming off warranty or those doing data center consolidation to prepare for hybrid cloud.”
When customers purchase a NetApp AFF8080 or NetApp EF560 system, the company guarantees that select Microsoft SQL Server and Oracle database applications can achieve 3X more IOPS at one-millisecond latency. If customers do not see the 3X performance improvement, NetApp will provide them with up to two days of professional optimization services at no cost.
NetApp, Inc. provides software, systems, and services to manage and store computer data worldwide. It offers Data ONTAP storage operating system that delivers integrated data protection, comprehensive data administration, and built-in software for virtualized, shared infrastructures, cloud computing, and mixed workload business applications; E-Series storage systems for storage area network workloads (SAN); all-flash arrays that deliver input/output operations per second and ultralow latency to drive speed, responsiveness, and value from the applications that control key business operations; and hybrid arrays for mainstream business applications.
Finally, Shares of ONEOK, Inc. (NYSE:OKE), ended its last trade with -1.93% loss, and closed at $36.68.
The board of directors of ONEOK, raised ONEOK’s quarterly dividend by 1 cent per share, or 2 percent, to 61.5 cents per share, effective for the third quarter 2015, resulting in an annualized dividend of $2.46 per share. The dividend is payable Nov. 13, 2015, to shareholders of record at the close of business Nov. 2, 2015.
“As the general partner of ONEOK Partners, we are committed to delivering long-term value for our shareholders,” said Terry K. Spencer, president and chief executive officer of ONEOK. “We delivered on this commitment with the recent $650 million equity investment in the partnership, which we expect will result in raised distributions to ONEOK.
“ONEOK Partners continues to take important steps in all of its business segments to improvement fee-based earnings,” said Spencer. “ONEOK’s continued confidence in the partnership’s ability to decrease its commodity exposure and grow its earnings and distributable cash flow assisted drive our decision to improvement ONEOK’s dividend payment this quarter.”
ONEOK, Inc., through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company gathers, treats, fractionates, stores, and transports natural gas liquids (NGL), in addition to owns natural gas liquids gathering and distribution pipelines, natural gas liquids distribution and refined petroleum products pipelines, and terminal and storage facilities; and owns and operates interstate and intrastate regulated natural gas transmission pipelines and natural gas storage facilities, in addition to stores and distributes NGL products to petrochemical manufacturers, heating fuel users, ethanol producers, refineries, and propane distributors.