Charles Schwab Meets Lowered Earnings Forecast

Charles Schwab (SCH Quote) met Wall Street's lowered earnings expectations for the first quarter, but the bottom line was hurt as investors were scared off by the stormy economic climate.

The firm said on Tuesday that it earned $120 million, or 8 cents a share, in the first quarter, before charges, meeting the consensus estimate compiled by Thomson Financial/First Call. The company earned $232 million, or 23 cents a share, in the year-ago period. Revenue slumped to $1.2 billion from $1.7 billion in the first quarter last year. ...