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A company with securities gains of a different sort is American Express.
But Mr. Olstein contends that offsetting securities gains with marketing costs is "comparing apples to oranges".
After stripping out $3.1 billion of one-time pretax assistance from securities gains, investment dividends and the sale of the insurer Balboa and its remaining stake in BlackRock, net income was just $1.7 billion.
"The high level of trading and securities gains in the first quarter of 2010 is not likely to continue throughout 2010," Morgan said in a regular filing with the Securities and Exchange Commission this week.
Nippon Life, the world's largest life insurer after Kampo, at one time had $88 billion in unrealized securities gains to fill any shortfalls.
In late March CSFB said it expected earnings of $1.80 per share for the quarter but a "flattish" net interest revenue comparison, $50 million in securities gains (versus $139 million last quarter) and $50 million in private equity gains.
Similar(49)
Other securities gained.
UBS, which announced 1,500 job cuts yesterday after it was forced to write down $3.42 billion in value from subprime-backed securities, gained $1.69, to $54.94.
On Wall Street, rumors about a possible collapse of Bear Stearns, which had been a leader in packaging mortgage-backed securities, gained gale-force strength.
Security gains are fragile.
But the security gains may be fragile.
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