E*Trade Financial Leads S&P 500 After Analyst Boosts Outlook

It was a brutal day on Wall Street, but E*Trade managed to shine bright on the S&P 500, making it TheStreet's Move of the Day. The brokerage firm moved higher after JMP Securities reiterated its confidence in the company’s performance. The firm increased its price target to $31 from $28 and maintained its OUTPERFORM rating. E*Trade announced earlier in the week its plans to reduce corporate debt by $340 million, a move JMP applauded. In a note, analysts said, “The company is now at its optimal debt level... and we believe the door is open for more compelling capital actions from here.” Shares jumped more than 3%.