Financial Services
E*Trade Deal Talk Overdone, Analyst Says
Hecht believes the enthusiasm over a potential takeover of E*Trade will cool once a new CEO is appointed.
"The new CEO is probably not going to come out and say 'Oh yeah, we're going sell this thing in the next couple of weeks.' He's going to say 'We're going to turn this franchise around and it's going to be a two-year build and people are going to be like 'Oh, man, I'll pass on that," Hecht says. E*Trade's stock price shot up more than 10% to close at $1.69 on Nov. 18, the day TD Ameritrade's Tomczyk made his comments, but it quickly gave back much of the gain, and closed on Monday at $1.62. -- Written by Dan Freed in New York. Read More: >>Another analyst skeptical that TD Ameritrade will buy E*Trade. >>Questions over the resignation of Chairman and CEO Don Layton.TheStreet Premium Services
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