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Legg Mason(LM Quote) tumbled Wednesday, a day after the Baltimore-based asset manager warned of a steep earnings shortfall.
The company expects to earn 96 cents to $1.02 a share in its fiscal second quarter, far shy of the $1.16-a-share Thomson Financial consensus estimate. Revenue is likely to fall 1% from the first quarter. Legg Mason also incurred a $12 million mutual fund distribution fee, which will trim earnings by 4 cents a share. Shares were trading down $17.75, 16.9%, to $87.56.
Midland Company(MLAN Quote) gained after the Amelia, Ohio-based insurer said it expects third-quarter results to beat Wall Street's expectations. ...
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