Merrill Beats Wall Street Expectations
|
Second quarter profits rose 6% against a year ago, for Wall Street brokerage Merrill Lynch. In contrast with Citigroup, Merrill exceeded the forecasts of Wall Street analysts. Merrill Lynch had earnings for the quarter ending July 1, of $1.14bn ($1.07bn) or $1.14 ($1.05) per share. Last year in brackets. According to the New York Times analysts had been expecting earnings of $1.08 per share on revenues on $5.76. Indeed revenues rose to $6.32bn (5.25bn). Revenues from equity financing and cash from a private equity holding, pushed Merrill's equity markets division by 30%. A similar story was seen at the debt markets division, which also had a 30% rise. The debt market division manages bonds, credit and commodities. Trading in credit products like mortgages was particularly strong. Equity underwriting and stock offering weakness, impacted on investment banking, which saw a rise of 21%. Private client and asset managemet saw only modest gains in comparison with the rest of the group.
|
Related Articles
Similar Areas Selected Books Keywords
|