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Author: donna68506 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 69  
Subject: LaBranche sees profits below forecasts Date: 6/22/2001 9:41 AM
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http://biz.yahoo.com/rf/010622/n22520905_2.html

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<<NEW YORK, June 22 (Reuters) - LaBranche & Co. (NYSE:LAB - news), a New York Stock Exchange trading firm, on Friday said it expects second-quarter profits to fall short of expectations because of the continued stock market slump.

The company, which acts as a share dealer for more than 500 Big Board stocks, forecast earnings of 26 to 30 cents per share.

Analysts polled by Thomson Financial/First Call expect LaBranche to earn 29 to 40 cents per share, with a mean estimate of 33 cents.

The lagging stock market -- which has seen a 0.7 percent drop in the Dow Jones industrial average (^DJI - news) and a 16.7 percent drop in the Nasdaq (^IXIC - news) so far this year -- has hamstrung trading desks throughout Wall Street. Morgan Stanley (NYSE:MWD - news), a top U.S. investment bank, on Thursday said its second-quarter earnings dropped 36 percent as the weak stock market hurt share-trading revenues.>>

LaBranche's warning also comes one day after Knight Trading Group Inc. (NasdaqNM:NITE - news), the largest Nasdaq share dealer, said it was considering cutting its U.S. stocks staff by 6 percent. Knight, which is also looking at other cost-cutting measures, said it had been hurt by the shift to trading stocks in pennies in place of traditional fractions.>>

Donna
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