Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Salomon Lowers Mellon Financial Rating

Salomon Smith Barney downgraded Mellon Financial (MEL) to underperform from in-line.

Analyst Ruchi Madan says he thinks Mellon shares will be weak given his view that 2003 estimates need to come down by about 20 cents following weaker-than-expected fourth quarter results. He notes fourth quarter earnings per share fell short of his 42 cents estimate; earnings per share included a three-cent severance charge, but there were other items that resulted in a lower earnings run rate.

Due to a lower-than-expected run rate, and higher-than-expected incremental expenses tied to several noncore issues, Madan cut the 2003 earnings per share estimate to $1.70, vs. the $1.90 consensus.

blog comments powered by Disqus