Bear Stearns earnings beat estimates but ...
Lehman Brothers' blow-out earnings raised expectations so much that when Bear Stearns trounced earnings estimates by only 31 cents, traders saw fit to sell off the stock. Still, it would be hard to be disappointed. The capital markets unit's revenues increased 15 percent to $1.4 billion. Underwriting, mergers and acquisitions, and advisory fees led to a 65 percent rise in investment-banking revenue. Institutional equities revenues rose 43 percent. This bodes well for Goldman Sachs and Morgan Stanley, the other investment banking giants soon to report.
> Here's an Associated Press article.
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