E*Trade edges Q4 estimates

E*Trade Group Inc. bested analysts' expectations, pulling in a profit of $7.2 million, or 2 cents per share, for ongoing operations. First Call consensus was for a breakeven fourth quarter and a an 11 cent per share loss for the fiscal year. Investors had been concerned about the growth prospects for online brokerages, given the current market turmoil. The stock closed down 0.63 at 11.44 Wednesday.

E*Trade said it added 337,000 net new brokerage and banking accounts during the quarter, including 77,500 accounts gained from the company's deal with Wit Capital. Revenues for the quarter were $340 million, up from 193 million in the year-ago quarter, but down from the third quarter figure of $338 million. For the year, the company earned $19.15 million, or 6 cents per share, on sales of $1.37 billion. Full story. -- Margaret Kane, ZDNet News