E*TRADE Financial Corporation (NASDAQ: ETFC) provides financial services including online brokerage and related banking products and services to retail investors. Specific business segments include Trading and Investing, and Balance Sheet Management. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries. ETFC-E
ETFC reported results for its second quarter ended June 30, 2010, reporting net income of $35 million, or $0.12 per share, compared with a net loss of $48 million, or $0.25 loss per share, in the prior quarter and a net loss of $143 million, or $2.16 loss per share, in the second quarter of 2009. The Company reported total net revenue of $534 million for the second quarter, compared with $537 million in the prior quarter and $621 million in the year ago period.
Total net revenue this quarter also included $37 million of net gains on loans and securities, including a net impairment of $12 million.
“We are particularly pleased with the progress made during the quarter in reducing the balance sheet and mitigating risk,” Freiberg commented. “In addition to the prepayments and scheduled principal reductions, we securitized or sold $232 million in loans, accelerating the decline of the loan portfolio. Furthermore, continued efforts to put back loans to sellers resulted in a $20 million legal settlement of loan claims which contributed $15 million to the reduction in the second quarter provision and net charge-offs.”
For more information about this company please visit www.etrade.com
Crown Equity Holdings, Inc. (CRWE.OB) is a company utilizing today’s technology to advertise, promote and market public companies globally. CRWE’s proprietary network technology allows their publishing department to get their content to millions of readers daily across the world. CRWE publishes financial content to all the major countries and covers all the accredited stock exchanges.
Crown Equity Holdings is currently in the process of expanding its in-house IT infrastructure. Although their current web page load time is better than 75% of other internet websites, when completed, the modifications will raise this load time to better then 90% of other internet websites while increasing website visitor capacity by 400%.
Also, CRWE has moved to a dedicated in-house advertising server, allowing for faster response and a wider variety of ad space offerings to those interested in advertising on their numerous internet and affiliate internet properties.
Furthermore, CRWE has added a company known as Brilliant Innovator, a Pakistan business led by Zeeshan Shabbir with four (4) Mid East correspondents to its CRWENewswire.com team. Brilliant Innovator will add up to date news and world affairs from the Mid-East, Far East and Europe to its on line news wire.
This year, their Company has nearly doubled its workforce from 17 to present number of 32. This is after the CRWE experienced a workforce increase of 225% in 2009.)
Crown Equity Holdings, Inc. financial information for the quarter ending March 31, 2010 reports revenue totaled $324,776 compared to $6,144 during the quarter ended March 31, 2009.
In addition, Crown Equity Holdings, Inc. recently announced its 1- 10 forward stock split. In connection with this forward split, the Company will increase its authorized shares from 500,000,000 to 1,000,000,000 shares. An effective date for the split has not been determined but is expected to occur in late July.
Crown Equity Holdings, Inc. Letter to Shareholders reported their financial statements are stronger than they have ever been before, and that they have high-caliber people working throughout their corporation who believe in their vision and strategies. The letter also reports their brand is becoming globally recognized.
CRWE reported that it has added a company known as PenStox.com, a German Small Cap Service Provider led by Lars Schmidt, to its CRWENewswire.com team. PenStox.com will moderate the German CRWEnewswire websites in Germany.
For more information about this company please visit www.crownequityholdings.com
American Express Company (NYSE: AXP) is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success.
AXP reported second quarter 2010 net income of $1 billion, up from $337 million a year ago. Diluted per share net income was $0.84, up from $0.09 a year ago. The year-ago results include a per share reduction of $0.18 from a repurchase of preferred shares from the U.S. Department of the Treasury.
Consolidated total revenues net of interest expense were $6.9 billion, up 13 percent from $6.1 billion a year ago. The increase was the result of the consolidation of securitized cardmember loans and related debt onto the balance sheet in the first quarter3. Revenues also reflect higher cardmember spending, offset by a smaller loan portfolio and lower yields on both the securitized and non-securitized portions of the portfolio.
Consolidated provisions for losses totaled $652 million compared to $1.6 billion in the year-ago period, reflecting continued improvement in credit quality for the charge and credit card portfolios.
Consolidated expenses totaled $4.6 billion, up 13 percent from $4.1 billion a year ago, reflecting higher investment in business building initiatives and higher rewards costs.
AXP’s return on average equity (ROE) was 23.5 percent, up from 13.2 percent a year ago. Return on average common equity (ROCE) was 23.2 percent, up from 12 percent a year ago.
“Cardmember spending rose 16 percent and improved credit indicators continued the year-long trend that began last spring,” said Kenneth I. Chenault, chairman and chief executive officer.
For more information about this company please visit www.americanexpress.com
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