Saturday, 1 November 2014
Last updated 23 hours ago
Sep 20 2007 | 11:27am ET
Bear Stearns Cos. today reported its third quarter profits plunged 62% following this summer’s collapse of two of its hedge funds, which Bear blames for $200 million of that drop.
Third-quarter net income dropped 61% to $171.3 million, or $1.16 a share in Q3. That’s down from $437.6 million one year ago, Bear Stearns said in a statement.
Meanwhile, Bear’s revenue from fixed-income sales and trading also caused a dent in Q3 revenue, falling 88% (to $117.6 million) compared to the same time period last year.
Bear’s CEO James Cayne called the current market conditions “extremely challenging.”
Meanwhile, the Wall Street firm also announced a $2.5 billion stock-buyback plan in an effort to boost share prices.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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