Movers: E*Trade, Blackstone Group, EchoStar, Cognos
E*Trade Financial (ETFC) believes additional deterioration in the fair value of its $3 billion asset-backed securities portfolio observed since Sept. 30 will likely result in write-downs that exceed previous expectations; investors should no longer expect these earnings levels to be achieved. It says total exposure to ABS collateralized debt obligations was about $450 million in amortized cost. Citigroup reportedly downgrades to sell.
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