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Merrill tallies the damage
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September 8, 1998: 5:49 p.m. ET
Brokerage firm puts earnings at $102M in July, August despite emerging mkts
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NEW YORK (CNNfn) - As a result of the volatile market conditions, Merrill Lynch & Co. is breaking from tradition to disclose intra-quarterly earnings of approximately $102 million for July and August.
The nation's largest brokerage firm said on Tuesday it is now in a position to provide more accurate information for public disclosure since it has substantially completed closing its books for the month of August.
Shares of Merrill Lynch (MER) were up 1/8 after closing at 66 on the New York Stock Exchange. On Tuesday, the stock rose 4-5/16.
Its emerging-markets activities -- the culprit of financial woes from Tokyo to London to Wall Street -- generated after-tax losses of $135 million for the first two months of the third quarter.
And Merrill Lynch recognized a one-time charge of $23 million for its acquisition of Midland Walwyn Inc. On June 22, Merrill announced plans to acquire the Canadian investment firm for $855 million.
But excluding the effects of goodwill amortization, cash earnings totaled an estimated $138 million. Asset management and mergers and acquisitions advisory helped to contribute to the overall results.
As a result, Merrill Lynch said it will implement selective expense reductions.
A company spokesman wasn't immediately available to clarify the statement.
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Merrill Lynch
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