PNC Financial Services Group Inc. says its second-quarter profit dropped 87 percent largely because of an FDIC assessment and the continued cost of integrating National City Corp. into its operation.
CME Group Inc. said today its second-quarter profit jumped 10% due to the company's expanding operations. The exchange operator's profit beat analysts' expectations.
The government says the number of newly laid-off workers seeking jobless benefits rose last week, though the report was distorted by the timing of auto plant shutdowns.
Wells Fargo has joined other big banks in reporting significant second-quarter results, with a 47 percent rise in profit helped by its acquisition of Charlotte, N.C.,-based Wachovia Corp.
Morgan Stanley says its net loss after payment of preferred dividends was $1.26 billion, or $1.10 per share, compared with earnings of $1.06 billion, or $1.02 per share, a year earlier.
Second-quarter profit plunged 76 percent at U.S. Bancorp as credit costs rose and it repaid a government loan. But the results still beat Wall Street expectations as net revenue hit a quarterly record and the stock rose nearly 4 percent today.
If the market decline of the past year or so has taught the investing public anything, it's that professional investment advice — whether from top Wall Street gurus, mutual fund managers or financial advisers — doesn't ensure success.
Hedge funds came back with a vengeance during the three-month period ending June 30, posting the industry's best performance since the fourth quarter of 1999, according to Hedge Fund Research Inc. in Chicago.
Hedge fund managers and corporate boards received low marks with regard to ethical behavior in a recent survey of financial-industry professionals.
Investment manager BlackRock Inc. said Tuesday its second-quarter profit tumbled 20 percent, but its earnings still surpassed analysts' expectations.
