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LaBranche Taken to the Woodshed

Stock quotes in this article: LAB , VDM , ET , NYX  

Specialist trading firm LaBranche(LAB Quote) saw nearly one-quarter of its market value vanish Friday in the wake of its grim bottom-line forecast.

The company warned late Thursday that it would post a $23 million loss for the second quarter due to a decline in its market-making business on the New York Stock Exchange. LaBranche said that adverse market conditions over the past two months dragged down profits.

At the 4 p.m. EDT close of trading, its shares had lost $3.02, or 24.3%, to $9.42. ...

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