Business Services Industry
Banks, Technology Firms Emerge Victorious in Quarterly Profit Estimates.
Knight Ridder/Tribune Business News, April, 2003
By Daniel Dunaief, Daily News, New York Knight Ridder/Tribune Business News
Apr. 18--With the end of the first big week of profit reports this year, banks and tech companies have been among the biggest winners as investors continue to seek stocks to buy in a drifting marketplace.
Big financial services companies including Citigroup, Merrill Lynch, and J.P. Morgan Chase have beaten quarterly profit estimates by an average of 7 percent, according to Thomson First call, as bond trading, mortgage refinancing and credit card spending surged,
"That's better than what you'd normally see in the financials at this stage," said Chuck Hill, research director at First Call.
The 161 companies in the S&P 500 that have reported profits have...
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