NEW YORK (MarketWatch) � Shares of E-Trade Financial Corp. ranked as the best in the S&P 500 on Friday after the firm pleased investors by beating analysts� consensus earnings estimate for the first quarter.
Late Thursday, the company ETFC �said first-quarter net profit rose to $62.6 million, or 22 cents a share, from $45.2 million, or 16 cents, earned in the same period a year ago.
/quotes/zigman/118511/quotes/nls/etfc ETFC 7.26, +0.08, +1.11% /quotes/zigman/240465/quotes/nls/schw SCHW 12.62, +0.30, +2.44% /quotes/zigman/9766366/quotes/nls/amtd AMTD 15.88, +0.40, +2.58% Brokerages� past year
The latest quarter�s profit included a tax benefit of 9 cents a share. Adjusted to exclude one-time items, analysts polled by FactSet Research had expected E-Trade to earn 10 cents a share.
While investors responded positively Friday, analysts cautioned that with interest rates staying low and seasonal issues approaching with the summer, the long-term outlook for E-Trade shares isn�t entirely clear.
In the broader market, the Financial Select Sector SPDR ETF XLF , which tracks the financial stocks in the S&P 500 index, fell 0.4% after trading higher in early trade.
And among the financial components of the Dow Jones Industrial Average, Travelers Cos. TRV �rose 1.3% and J.P. Morgan Chase & Co. JPM �added 0.2%, while Bank of America Corp. BAC �shed about 1.8% and American Express Co.AXP fell 0.2%.
Travelers� shares rose 8% for the week, while Bank of America shares fell 3.7% for the week.
J.P. Morgan Chase fell 1.1% for the week, while American Express gained a modest 0.3% this week.
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