EI84mzk2E8AmuBYt0y5NY8kJU3M
nav-left cat-right
cat-right

NYSE (NYSE: NYX)

Photobucket
photo by k conners

The NYSE Euronext (NYSE) reported their earnings today, but didn’t live up to the street’s expectation. They post a jump 17% in the second quarter as a result of the volatile markets during the same period, excluding the merger expenses. Unfortunately 3 cents shy of the 78 cents that the analysts were looking for. When merger costs are included the net income is actually 73 cents a share.
.
NYSE Euronext stated that American Stock Exchange members approved the proposed merger.The deal is planned to be finalized in the third quarter of 2008. The merger is expected to operate at a loss for the remainder of the year, but save them $100 million.
.
“Beyond the cost saves, we are also committed to investing in growth, which includes broadening our product and service portfolio in both core businesses and new ventures. Our capital allocation will be appropriately balanced between investing in our future and returning capital to our shareholders, as evidenced by our $1 billion stock repurchase program,” said NYSE Euronext’s CFO, Michael Geltzeiler, in a statement.
.
Earlier this year, I started investing in NYSE. After dropping over 10% since I bought into the stock, I did dumped it. I advise anyone who may be thinking of getting in to sit out until the next quarter to see how they’re performing. I expect with the condition of the markets that they will be in good shape by that point.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge