Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

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.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Raymond James Lowers LaBranche to 'Underperform'


Raymond James downgraded LaBranche (LAB) to underperform, from market perform.

Analyst Michael Vinciquerra says LaBranche suffered from a lower principal participation level and a lower realization rate during the third quarter. He notes the realization rate fell to 2.3 basis points, vs his 2.8 basis points estimate.

LaBranche said principal trading revenues during September were very weak, which is unsettling, considering New York Stock Exchange share volume is up 19% in September, vs. August, according to his estimates. LaBranche also thinks the activity that the NYSE is probing is insignificant, relative to the company's trading volumes.

Vinciquerra believes there's a strong likelihood for continued weakness in LaBranche's stock. He sees 39 cents 2003 earnings per share, and put his 2004 estimates under review.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus