Evening Update: Brown Brothers Throws in the Stock-Coverage Towel

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M&A Earnings/revenue Offerings/stock actions Miscellany

One of Wall Street's oldest investment banking firms, Brown Brothers Harriman, said it would cut 78 jobs, citing increasing competition from larger, rival investment banks. The private bank said it would no longer offer research on companies and will cut related sales and trading jobs, most of them in New York. Brown Brothers said it had become costly to retain top talent as it faced one of the tightest labor pools in U.S. history.

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Chase Hambrecht & Quist priced 3.8 million shares of First Horizon Pharmaceutical (FHRX Quote) at $8 a share, the low end of the estimated $8-to-$10 range. The company markets and sells brand-name prescription drugs largely focused on chronic conditions. Earlier today, the range was lowered from $12 to $14 a share.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow -4.80 -0.05% 10,522.33 8.5% S&P 500 -1.85 -0.13% 1420.60 -3.3% Nasdaq -58.55 -1.69% 3400.93 -16.4% Russell 2000 -0.52 -0.11% 476.18 6% TSC Internet -24.27 -2.97% 792.09 -31.4% TSC New Tech 30 -48.03 -9.43% 461.36 -25.3% NOTE CHANGE PRICE YIELD 10-Year Treasury -19/32 101 17/32 10/32 6.285%

In other postclose news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):

Mergers, acquisitions and joint ventures

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