RealTime IT News


As other dot-coms deal with the threat of being delisted from the NASDAQ, at least one pure-play Internet company is moving up in the world.

E*TRADE Group Inc. is trading in its NASDAQ ticker symbol to one from the New York Stock Exchange, which traditionally has more stringent capitalization requirements.

The Menlo Park, Calif.-based online financial service company, which currently trades as , will be listed under the new symbol 'ET' starting next month.

The move allows E*Trade to widen its potential investor base by increasing its visibility in both domestic and international markets, according to Christos M. Cotsakos, chairman of the board and CEO.

"As we move to the world's most prestigious stock exchange and shift our fiscal year to a calendar year end, we are aligning ourselves with the top financial services companies around the world," he said.

E*TRADE Group, Inc. has been listed on The Nasdaq Stock Market since the date of its initial public offering on August 16, 1996. Since its initial public offering, the company reports it has grown customer accounts to more than 3.3 million, reporting $66 billion in assets and $1.4 billion in revenues, and has launched branded Web sites in 10 countries outside the U.S.

In related news, Cotsakos reported that E*TRADE will change the date of its fiscal year end from September 30 to December 31. "This will enable our financial reporting practices to better reflect its overall business strategy," he said. "The Board of Directors unanimously approved the fiscal year-end change on October 25, 2000."