Bear Stearns net tumbles 61 percent
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Bear Stearns Cos Inc  said on Thursday quarterly profit plunged 61 percent to its lowest level in five years on bad bets on subprime mortgages and disrupted fixed-income trading.
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Bear Stearns Cos Inc  posted a much bigger-than-expected quarterly loss on Thursday, capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages.
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Two large Wall Street firms - Morgan Stanley and Bear Stearns - reported a fall in quarterly profits yesterday in sharp contrast to rival players who presented an upbeat performance the day before.
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Investment bank Bear Stearns Cos. Inc. , one of the nation's largest mortgage bond underwriters, said on Thursday quarterly earnings fell by a third as trouble in the mortgage market hurt bond trading revenue and it wrote down assets at a stock trading venture.
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Goldman Sachs and Bear Stearns wrestle with the subprime problems, turning in disappointing earnings results.
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Bear Stearns Cos Inc  said on  Thursday quarterly profit plunged 61 percent to its lowest  level in five years on bad bets on subprime mortgages and  disrupted fixed-income trading.
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Turmoil in the subprime mortgage market took its toll on two Wall Street investment banks today, as second-quarter profit at Bear Stearns dropped 33 percent and Goldman Sachs squeezed out a modest 1 percent rise in profit.
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Shares of subprime lender tumble after margin calls.
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Bear Stearns Cos. Inc.  on  Friday replaced the head of its asset management business after  two of the investment bank&#39;s hedge funds hit rock bottom by  making bad bets on risky mortgages.
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Bear Stearns Cos. Inc.  does not plan to bail out the second of two struggling hedge funds -- citing stabilizing markets -- but the subprime loan woes that brought the funds down continue to rattle investors.
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Bear Stearns Cos.  said on Thursday quarterly net income soared 38 percent, helped by gains from fees for merger advice and underwriting debt.
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Investors in Bear Stearns Cos.   hedge funds that were virtually wiped out from large bets on  risky mortgages are planning to sue the company as early as  Monday, television channel CNBC reported on Friday.
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NEW YORK, June 22 -- Bear Stearns confirmed Friday it will bail out one of its troubled hedge funds with $3.2 billion in secured loans, but the Wall Street firm sought to convince the broader market that its troubles were "relatively contained."
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Joseph C. Lewis, who became a billionaire trading currency, has taken a 7 percent stake in Bear Stearns Cos Inc , snapping up about $860 million worth of the investment bank's stock over the past two months.
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Bear Stearns Cos Inc  on  Thursday reported its first quarterly loss in the company's  history, capping a fiscal year when the fifth-largest U.S.  investment bank took a beating on bad bets on risky subprime  mortgages.
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Bear Stearns Co Inc  posted a much bigger-than-expected quarterly loss on Thursday, capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages.
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Two Bear Stearns hedge funds, worth more than $20 billion, teetered on collapse yesterday after absorbing major losses from investments in the subprime mortgage industry.