SmarTrend(R) News Watch: E*Trade Announces Offering, Citadel Ups Stake

E*Trade Financial (NASDAQ:ETFC) fell 13% Friday, after the online brokerage priced an offering of 435 million shares at $1.10 each, representing a 23% discount from Thursday's closing value. Citadel Investment Group LLC purchased approximately 90.9 million additional shares of common stock in the offering, which will increase its holding in E*Trade to 17%. E*Trade plans to use the net proceeds from the offering to provide additional cash cushion.

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