This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Calamos Earnings Fall Short

Calamos Asset Management (CLMS) said late Tuesday that second-quarter earnings rose 16% thanks to growth in assets under management, though the company's quarter-to-quarter comparisons were hurt by the recent equity slide.

The asset manager posted net income of $8.1 million, or 34 cents a share, compared with $7 million, or 30 cents a share, a year-ago. The earnings fell 2 cents short of Thomson First Call's average analyst estimate.

Revenue jumped 26% to $124.4 million. Assets under management, the metric that drives management fees, advanced 16% from a year earlier to $45.8 billion at the end of June. Mutual funds assets were up 20% to $33.8 billion from $28.3 billion a year ago, while separately managed account assets grew 7% to $12 billion from $11.2 billion last year.

Compared with the first quarter, though, assets under management fell 4% due to $2.3 billion in market depreciation, partially offset by $536 million in net purchases.

"The stock market's nervous saw-tooth pattern is similar to 1994, when the Fed also repeatedly raised interest rates," Chairman and Chief Executive John Calamos Sr. said in a statement.

"This market volatility affected second quarter asset flows for our firm and other asset managers... We continue to believe that when the Fed stops raising interest rates, it will serve as a catalyst for positive stock market action. We have positioned our portfolios accordingly."

During the quarter, Calamos firm rolled out its growth, value, and global growth and income funds into one core portfolio called (CMQAX) Calamos Multi-Fund Blend , which seeks to create a diversified portfolio that can find an upside in any section of the market cycle.

"Trying to have perfect market timing especially in this volatile market just doesn't work," Chief Financial Officer and Treasurer Patrick Dudasik said during the conference call.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,908.68 +103.88 0.58%
S&P 500 2,071.19 +0.54 0.03%
NASDAQ 4,770.8240 +5.4440 0.11%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs