by Calculated Risk on 11/09/2007 05:54:00 PM

From MarketWatch: E-Trade backs off earnings forecast

E-Trade said the fair value of its $3 billion asset-backed securities portfolio has continued to decline since the end of the third quarter. ...

The drop in value will result in further write-downs in the fourth quarter ... Those extra write-downs weren't expected when E-Trade updated its 2007 earnings outlook on Oct. 17.

"Investors should no longer expect these earnings levels to be achieved," the broker said in a statement.

The beat goes on ...