To: ArtsCool who wrote (144 ) 6/21/1999 7:43:00 PM From: Mohan Marette Respond to of 411
U.S. broker stocks up ahead of results, Chase up NEW YORK, June 21 (Reuters) - Shares of U.S. broker stocks on Monday ahead of second-quarter profit reports due this week, while shares of leading bank Chase Manhattan Corp. (NYSE:CMB - news) rose after a fund manager listed it among his favorite picks, Wall Street analysts said. ''The brokers are up in anticipation of strong results from the three companies that are reporting this week,'' Raphael Soifer, of Brown Brothers Harriman, said. Morgan Stanley Dean Witter (NYSE:MWD - news), Lehman Brothers Holdings (NYSE:LEH - news) and newly-public Goldman Sachs Inc. (NYSE:GS - news) are expected to report solid second-quarter earnings. Goldman stock rose 5 to 69-13/16, Morgan Stanley added 4 to 99-3/4, Merrill Lynch and Co. Inc. (NYSE:MER - news) rose 3-1/8 to 78-1/4 and Lehman added 4-4/16 to 60-5/16. Internet brokers snapped back from recent declines. AmeriTrade Holding Corp. (Nasdaq:AMTD - news) surged 16-13/16, Charles Schwab (NYSE:SCH - news) gained 8-1/4 to 98-1/4 and E*Trade (Nasdaq:EGRP - news) rose 5-11/16 to 40-11/16. Chase stock rose 3-5/16 to 83-1/2 after Robert Albertson, who runs global financial services fund Pilot Financial, told Barron's weekly business newspaper that Chase, Bank One Corp. (NYSE:ONE - news) and Germany's Deutsche Bank AG (quote from Yahoo! UK & Ireland: DBKG.F) were among among his top bank stock picks. Chase's stock was selling at the low end of the U.S. market for wholesale banks and brokers even though it had an ''unmatched dominance in the large and multiational corporate customer market,'' Albertson said. Bank One has done well marketing techonology with its credit card arm First USA as a partner and was about to roll out its first Internet-only bank, Albertson said. Bank One stock rose 9/16 to 57-7/16. Deutsche Bank, which acquired U.S. bank Bankers Trust Corp. for $9 billion, is undergoing a major management and cultural transition, Albertson, for years a bank analyst at Wall Street firm Goldman Sachs, was quoted as saying.biz.yahoo.com