E*Trade loses less than expected in third quarter -- is this a victory?

According to Reuters, the expected loss was 6 cents per share, so you can call it a beat-by-the-proverbial-penny situation if you'd like, but I prefer to call it what it is: a not-attractive situation.

Am I correct in saying this? As we move forward and away from the nasty plague of recession, E*Trade will indeed most likely set itself straight. I can buy such argument. E*Trade, as I stated at the beginning, is a name familiar to most investors. Many enjoy its platform and services. It isn't necessarily going away. And who knows, maybe it will engage a merger deal of some sort in the future, one that would add value for current shareholders.

But, after going through the earnings release, the E*Trade scenario fails to instill any confidence in my investor psyche. Plus, when I look at the stock itself, I see a single-digit entity more akin to a chip to be placed on some betting table in Las Vegas than a thriving equity of the future.

Yes, E*Trade may come out of its troubled period some years down the road stronger than ever before. Until that time, I'll screen for alternative, less-risky vehicles with a bias toward capital appreciation.

Disclosure: I don't own any company mentioned; positions can change without notice.