E*Trade Jumps After Beating Estimates, Raising Guidance

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Online broker E*Trade (ET) - Get Report was up 12.6% in preopen Instinet trading after posting third-quarter operating earnings late Wednesday of 3 cents a share, beating analysts' estimates for a loss of 1 cent per share and up from earnings of 2 cents in the year-ago period.

Net revenue fell 14% to $292.2 million, the company said.

E*Trade raised its fourth-quarter earnings forecast to 4 cents per share and reiterated its previous guidance of earnings of 35-49 cents per share for fiscal 2002.

This morning UBS Warburg raised its price target on the stock to $10.50 from $9.