Mortgage Turmoil Hits E*Trade Hard, Prompting Earnings Warning
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The online brokerage lowered its full-year forecast, sending shares plummeting 8.5 percent in extended trade.
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Stocks ended mixed on Friday as  investors worried about mounting concerns about the outlook for  subprime mortgage lenders, but a government report showing  continued strength in job growth lent some support.
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U.S. stocks fell sharply on Thursday as worries about mortgage delinquencies hurt bank shares and a warning from home builder Toll Brothers Inc.  underscored weakness in the housing market.
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Property stocks came under pressure on Friday after a leading broker warned clients that now was not the time to venture back into the sector.
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Stocks fell on Tuesday as the housing slump took a toll on companies' earnings outlooks, while trouble in the subprime mortgage market hurt financial companies' shares.
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Financial markets were hit hard by a disappointing jobs report.
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Home builders and financial issues,  the biggest casualties of the subprime lending meltdown, were  hit again by tax-motivated selling in recent weeks but could  rebound a bit early in the new year, money managers said on  Monday.
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U.S. financial markets were rattled by news on Tuesday that late payments on U.S. mortgages had reached their highest level in 3-1/2 years, while regulators began a probe of subprime mortgage lending and called for legislation.
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Troubles buffeting the U.S. mortgage market could get worse as resurgent crude oil prices squeeze the finances of already hard-pressed borrowers, analysts say, and that could spell more trouble for Wall Street.
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TORONTO - Stock markets could find it tough to find traction this week as a blunt warning from Alan Greenspan rings in investors&#39; ears.
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America&#39;s biggest mortgage lender was thrown into turmoil yesterday when the industry watchdog accused it of having major accounting problems and doubted the &quot;soundness&quot; of the company.
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Stocks traded lower on Tuesday, after rumors of more financial problems at Countrywide Financial Corp , the largest U.S. mortgage lender, sent housing-related shares down sharply, extinguishing a rally on Wall Street.
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Troubles buffeting the U.S. mortgage  market could get worse as resurgent crude oil prices squeeze  the finances of already hard-pressed borrowers, analysts say,  and that could spell more trouble for Wall Street.
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U.S. stock indexes tumbled more than 2 percent on Tuesday after Merrill Lynch warned that ailing credit markets will hurt bank profits, while reports showing eroding consumer confidence and falling home prices added to concerns about the economy.
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E-Trade Financial Corp. slashed forecasts for 2007 profit as the discount brokerage exited the wholesale mortgage business because of a slew of bad home loans. The New York company, which in recent years relied heavily on mortgage lending to power earnings, warned an already jittery Wall Street that it is not immune to the tightening of global credit markets. E-Trade ...
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Stocks ended mixed on Friday as investors worried about mounting concerns about the outlook for subprime mortgage lenders, but a government report showing continued strength in job growth lent some support.
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An unsettling report on consumer incomes set off a spate of profit-taking on Wall Street Monday as investors worried that a tepid economy would erode companies' third-quarter earnings. Another drop in oil prices failed to shake the gloom from the market.