This is the first quarter in a long time where you will see year-over-year comparisons that are negative. And we'll probably see results for most of the quarters in 2005 being down on a year-over-year basis.
More Quotes from David Trone:
Full-service firms are awash in capital and looking at means of effective deployment. Over the last few weeks, media reports have been fuller than normal with buzz of these firms exploring large deals.David Trone
Its track record is outstanding, they've earned tens of billions of dollars over the last several years and they've never come close to having a negative trading line. I'd say that's reasonable risk-reward.
David Trone
It's in last place with no real assets to improve their position. Discover desperately needs to have an improved value proposition for the cardholders. That's where it all begins.
David Trone
Our estimate of 340 million in advisory revenue easily places the quarter as the highest for the firm post-bubble, and should move 2005 advisory revenues about 28 over the prior year.
David Trone
We believe core income should be slightly higher in the first quarter compared to the previous quarter, excluding one-time charges, reflecting improvement in capital-markets sensitive businesses (trading, investment banking, and wealth management).
David Trone
The partial quarter effect of the two acquisitions should result in a 17 sequential revenue lift, while core expenses (excluding any one-time restructuring charges) should rise about 23, as the company only begins to realize both expense and revenue synergies.
David Trone
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