E TRADE Up nearly 3% After Strong Earnings Report (ETFC)

E TRADE Financial Corporation ETFC shares are experiencing a strong day, gaining 2.7% after the discount broker reported better than expected revenue growth last night after the bell. At last check, shares were up 43 cents to $16.35, a gain of 2.7% on 5.2 million shares. The company reported earnings of 16 cents per share on revenues of $537.7 million, compared to Wall Street estimates of 12 cents per share on revenues of $389 million. The company, which has been plagued by its mortgage portfolio, saw its loan-loss provision drop 57% from a year ago. E-Trade CEO Steven Freiberg said that he expects the company's mortgage portfolio to fall an average of $800 million to $900 million per quarter for the rest of 2011.