Fox-Pitt cuts broker EPS ests for second time in monthThursday May 26, 8:48 am ET By Greg Morcroft
NEW YORK (MarketWatch) -- Fox-Pitt Kelton analyst David Trone trimmed his second quarter earnings estimates for the nation's largest brokerage firms for the second time in less than a month on Thursday, citing broad weakness in several markets, particularly fixed income, commodities and currencies (FICC). "May has brought little relief, and with the quarter almost over for the Nov-year-end firms, there is no real chance that a last minute run of strength can save 2Q05. The negative sequential delta for FICC trading looks particularly acute," Trone wrote Wednesday. He trimmed estimates for Goldman Sachs ; Morgan Stanley ; Merrill Lynch ; Lehman Bros. and Bear Stearns Cos .
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