P.M. BRIEFING : Shearson Turns Loss Around
- Share via
NEW YORK — Shearson Lehman Hutton Holdings Inc. today posted fourth-quarter earnings of $3.8 million, a modest profit but better than the $13-million loss a year earlier.
Shearson, which is partially owned by American Express Co., said on a per-share basis it had a loss of three cents, which was an improvement from the 22-cent loss in 1988’s fourth quarter.
Higher commissions, net interest income and revenue from market making and principal transactions contributed to Shearson’s overall income growth.
These positive factors helped reduce the drag on earnings from the slowdown in investor activity after the Oct. 13 market slump and uncertainty in high-yield bond markets.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
