Chicago Mercantile Exchange (CME) failed to meet Wall Street
earnings expectations last week when it reported higher
expenses in the fourth quarter that cut into profits.
CME announced last Tuesday that its fourth quarter net
income totaled $29.6m, or 87 cents per diluted share. That
figure fell short of analysts' forecasts of 89 cents a share.
It also marked a 6% drop from its fourth quarter earnings in
2002 of $31.5m, or $1.02 per share. CME shares fell $1.30 last
Tuesday to close at $86 and fell a further $1.63 to $84.37 on
Wednesday, the day Eurex US received regulatory approval,
perhaps on the back of this news. CME is also facing
competition from Euronext Liffe, which announced it will launch
competing Eurodollar futures and options contracts on 18
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.