Sector Snap: Asset Managers Fall

DES MOINES, Iowa (AP) — Shares of asset managers fell with the broader market Tuesday as analysts cut price targets and lowered earnings estimates. The downturn also reflected general market trends as major indices dropped about 3 percent.

Analysts at Morgan Stanley cut asset managers' earnings estimates by 10 percent to 13 percent on average, saying they expect weak first-quarter results across the group.

The analysts said shares in the asset managers have risen 62 percent from their March low, but are ahead of where they should be given first-quarter projections. ...