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
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.”