Business Services Industry
Bad News Continues for Reuters with Loss of Merrill Lynch Deal.
Knight Ridder/Tribune Business News, November, 2002
By Benjamin Wootliff, Sunday Business, London Knight Ridder/Tribune Business News
Nov. 17--Another week, and another dose of dispiriting news for Reuters. Last week it failed to win a huge Merrill Lynch contract; instead, the Raging Bull chose Thomson to supply 25,000 data terminals to its brokers, a contract worth about $1 billion over the next five years.
Reuters shares, which had rallied slightly from last month's profit-warning induced lows, fell as much as 7 percent on the day and closed the week off down 1.5 pence as investors fretted that the group had thrown away the year's biggest growth opportunity.
To compound the misery, it appears that revenues from the Instinet share trading business are collapsing. In October,...
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