Advanta Sets Continuing Operations Profit Target for Fiscal 2001
Advanta
(ADVNB)
said Friday that it expects operating earnings of $1.41 a share from its business card and Advanta Partners divisions for fiscal 2001.
The financial services company is planning to increase its focus on the business credit card division, as it expects to complete the sale of its mortgage business unit to
J.P. Morgan Chase
(JPM) - Get JP Morgan Chase & Co. Report
in the first quarter.
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The Class B common shares of Advanta fell 25 cents, or 2.1%, to $11.75 in recent
Nasdaq
trading.
Earlier this month
FleetBoston
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sued Advanta to block the sale of the mortgage business. Advanta responded by
saying the suit was the "latest tactic" used by Fleet in the ongoing litigation between the two companies.
