Income rises at Merrill, PaineWebber

Authors :: Colter, Allison Bisbey
Source :: Wall Street Journal. Europe. July 14, 1999, 16
Publication Year :: 1999
Abstract: Merrill Lynch & Co. and PaineWebber Group Inc. posted record earnings for the second-quarter of 1999. Both companies' earnings went well-beyond what analysts had predicted. Merrill posted a 23% rise in net income to $673 million (662.8 million euros) for the quarter. PaineWebber posted a 26% improvement in net income for the quarter to $163.5 million. The two companies posted record earnings amidst the continuing bull market on Wall Street.