E-Commerce Stock Watch: E*Trade Gets a Boost

Looks like E*Trade’s recent service outages are being overshadowed by good news. Monday was a major day for the company in many ways. The stock closed up 8-7/16 to 48-9/16 after the Wall Street Journal speculated about a possible deal between E*Trade (Nasdaq: EGRP) and Goldman Sachs.

E*Trade also announced the launch of its S&P 500 index fund on Monday, and the company now will be part of the S&P MidCap 400 Index. And, E*Trade showed it had a sense of humor at the BancBoston Robertson Stephens Tech ’99 Conference. E*Trade began its presentation at the conference with a video of news reports about the outages. Then E*Trade CFO Leonard Purkis declared to the packed house: “That’s the power of branding.”

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