As investors from around the world gear up for some Super Bowl fun and excitement, one firm is hoping to score a touchdown from the hype surrounding the world's most watched football E*Trade (NASDAQ: ETFC), the beleaguered online broker, plans to spend as much as $4 million for two ads airing during this weekend's Super Bowl.
Is this just some more post-boom, sock puppet lunacy?
Maybe, but today's Wall Street Journal article doesn't think so. As the troubled broker tries to re-cement its image and reputation, the article claims that "the Super Bowl distraction couldn't come at a better time."
As I wrote recently, billion-dollar losses due to exposure to investments-gone-bad in mortgages and home equity loans have prompted the firm to seriously turnaround the company. After receiving an infusion of cash from a leading hedge fund and ousting its CEO, investors are betting the company can turn itself around. The stock is up 18% since the company reported earnings last week.
Who are you betting wins the Super Bowl?
Could be that E*Trade is the true winner.
Zack Miller is the Managing Editor of IsraelNewsletter.com and a former equity analyst for a leading multinational hedge fund.
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