Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : J.B. Oxford -- Ignore unavailable to you. Want to Upgrade?

To: WebDrone who wrote (1755)	4/13/1999 1:59:00 PM
From: Patherzen	Respond to of 2220

AMTD earnings tomorrow, EGRP Monday... JBOH is riding high with the group. I just love the taste of chingggggggg...Patherzen Merrill, Paine Webber Post Record Net; Brokers Jump New York, April 13 (Bloomberg) -- Merrill Lynch & Co. and Paine Webber Group Inc. posted record first-quarter profits as rising markets boosted commission, trading and other income. Wall Street stocks jumped on hopes earnings gains will be widespread. Merrill, the biggest U.S. brokerage, said profit rose 18 percent to $609 million, or $1.44 a share. That beat the $1.23 cents a share forecast in a First Call Corp. survey. At Paine Webber, the fifth-largest firm, profit rose 33 percent to $160.6 million, or $1.01 a share. That beat the forecast for 73 cents. ''This is the best of all businesses in the best of all stock markets,'' said Donald Coxe, chief strategist at Chicago- based Harris Investment Management, which owns shares of Paine Webber and Morgan Stanley Dean Witter & Co. Brokerage shares, already the best performers in the Standard & Poor's 500 Index this year, tacked on additional gains. Paine Webber jumped as much as 14 percent to 49 13/16; Merrill advanced as much as 2.6 percent before trading 2 percent lower at 97 15/16 at midday. It's up 46 percent this year. Internet brokers took bigger strides: E*Trade Group Inc., the No. 3 online broker, gained as much as 26 percent to 121 1/2; Charles Schwab Corp., the biggest online broker, rose as much as 13 percent to 152; Ameritrade Holding Corp. rose as much as 20 percent to 171, and Knight/Trimark Group Inc. surged 27 percent to as much as 123 3/4. ''Is this business a good one,'' asked Coxe. ''In this market it certainly is.'' Bear Stearns Cos. yesterday said earnings rose 23 percent to a record. Morgan Stanley earnings rose 50 percent and Lehman Brothers Holdings Inc. earnings rose 13 percent. Both firms said booming trading boosted profit. Industry Recovery The results indicate the industry is recovering from last year's second half, when earnings were savaged by turbulent financial markets, losses in trading bonds and a virtual absence of underwriting, analysts said.