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The run of better-than-expected earnings from the nation's top brokerages continued Wednesday, with Bear Stearns(BSC Quote) reporting a 5% gain in first-quarter profits.
While Bear's earnings were less impressive than the 31% year-over-year gain reported Tuesday by Lehman Brothers(LEH Quote), they were still strong, confounding analyst expectations for an earnings decline.
In the quarter, Bear earned $378.8 million, or $2.64 a share, compared with $361 million, or $2.57 a share, a year ago. Net revenue was $1.8 billion, up 7% from a year ago. ...
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