E-Trade ends review with no plans for sale

November 10, 2011 - 9:00 PM

NEW YORK (AP) — Online broker E-Trade Financial Corp. shares plunged nearly 5 percent in after-market trading following its announcement that it had concluded a strategic review and has no plans for a sale.

Shares fell 34 cents to close at $9.48. After it made the announcement, shares fell 46 cents, or 4.9 percent.

The company said it has concluded the review begun in August that was designed to consider all alternatives including a possible sale. The board unanimously determined that the continued execution of the company's business plan is currently the best alternative, it said.

That also was the recommendation of Goldman Sachs & Co., hired as an adviser for the review.

E-Trade's largest shareholder and bondholder, Citadel Advisors LLC, pushed the company earlier this year to seek a buyer.