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Nasdaq, CBOT Profit Rise

Investors react with mild selloffs.

Profit at

CBOT Holdings


, the parent company of the Chicago Board of Trade, jumped 58% in the first quarter, fueled by higher trading volume.

In the first three months of the year, CBOT made $55.4 million, or $1.05 a share, compared to $35.1 million, or 66 cents a share, a year earlier.

Revenue rose 34% to $187.7 million, driven by "record trading volume and higher average exchange fee rates," the Board of Trade said.

Excluding $13 million in merger-related expenses, profit nearly doubled from a year earlier to $68.4 million, or $1.29 a share.

Analysts anticipated the Chicago exchange would make $1.17 a share on $193 million of revenue.

Both the

Chicago Mercantile Exchange

(CME) - Get Free Report

and the Atlanta-based


(ICE) - Get Free Report

are vying for ownership of the Board of Trade. The CBOT has already agreed to be acquired by its crosstown rival the CME in an $8.9 billion deal that was announced back in October. But last month, the ICE stepped in with a $9.8 billion all-stock offer for the CBOT.

The CBOT has not made any definite decision yet.

Shares fell $1.98, or 1%, to $192.59.

Separately the

Nasdaq Stock Market


made $18.3 million, or 14 cents a share, compared to $18 million, or 16 cents a share, in the year-earlier period.

The company confirmed Monday that expenses related to Nasdaq's failed bid for the London Stock Exchange shaved $24.9 million, or 10 cents a share, off first-quarter results. Nasdaq still owns 29% of LSE shares.

Nasdaq also said it expected revenue of $192 million in the first quarter. Revenue rose 18.6% from the year-earlier period.

Analysts were originally expecting the exchange to make 24 cents a share on $189 million of revenue, according to Thomson Financial.

A number of other one-time items affected Nasdaq's results in the quarter.

It took a pretax charge of $10.6 million related to the "discontinued use of services" on a specific clearing contract, the exchange says.

Additionally, Nasdaq had a $7.8 million loss on foreign currency option contracts purchased to hedge the foreign exchange exposure from the bid for the LSE. (Nasdaq had a $48.4 million gain recorded on the option contracts in the year-earlier quarter.)

Finally Nasdaq had a $6.5 million gain associated with "freezing" its employee pension plan and other executive retirement plans and $2.1 million in other charges in the quarter.

Operating profit, which excludes the charges, rose 60% to $41.8 million, or 29 cents a share.

For the full year, Nasdaq says it anticipates profit in the range of $165 to $175 million. Revenue is expected to be in the range of $755 million to $775 million, while operating expenses should be in the range of $390 million to $410 million.

Shares fell 35 cents, or 1.1%, to $30.91.