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Shares Of Commerce Bancshares Plunge On Earns Miss

Stock quotes in this article: CBSH  

NEW YORK (AP) — Shares of Commerce Bancshares Inc. plunged Tuesday after the regional bank said its profit fell 52 percent in the first quarter.

The Kansas City, Mo.-based bank reported net income of $30.8 million, or 40 cents per share, compared with $64.2 million, or 84 cents per share, in the year-ago period. Results came in well below the average analyst estimate of 49 cents per share, according to Thomson Reuters.

The company noted that the first quarter of 2008 included a $22.2 million pretax gain from the sale of Visa Inc. stock and the reversal of certain litigation charges that added about 26 cents to earnings per share. ...

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