Online broker

Ameritrade

(AMTD) - Get Report

was down 11.9% in early afternoon after

UBS Warburg

cut its 2001 estimate to a loss of 27 cents a share from a profit of 5 cents and lowered its price target to $10 from $12.

Warburg also lowered the 2001 forecast for

TD Waterhouse

(TWE)

to 35 cents a share from 51 cents and cut the price target to $17.50 from $23.

In addition, Warburg cut the earnings outlook for

E*Trade Group

(ET) - Get Report

to 15 cents a share from 25 cents for 2001 and reduced the price target to $13.50 from $21. On Friday, Ameritrade cut its revenue forecast, and TD Waterhouse said it would reduce its headcount through attrition.

TD Waterhouse was down 4.1% and E*Trade was off 8.7%.