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Stock Analyst Update

Chase Manhattan's Outlook Is Mixed

Investment bank has momentum, but retail earnings are sluggish.


Chase Manhattan (CMB) cleared Wall Street's second-quarter earnings estimate Wednesday and has promising momentum in its investment-banking division, but sluggish growth in the main retail bank may be reason enough to avoid this stock.

The company reported earnings per share of $0.85, which was $0.02 higher than analysts expected but 20% lower than the year-earlier EPS. Reported revenue for the quarter declined 4%, while expenses climbed 9%. Volatile stock and capital markets were to blame for the much of the revenue decline over 1999 results.

Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.