Allianceberstein Misses Estimates (AB)

Allianceberstein Holding L.P. AB announced on Monday morning that it missed consensus Wall Street earnings and revenue estimates. Allianceberstein Holding L.P. (AB) reported that its 2nd quarter net income fell to $32.3 million, or 31 cents per share, down from $38.3 million, or 41 cents per share, a year earlier. Excluding special items, the company's earnings came in at 38 cents per share. Revenue fell 5% to $688 million, down from $721 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 45 cents per share, on revenue of $716 million. Chairman and chief executive officer Peter S. Kraus said, "Overall, the second quarter of 2010 was not what we would have liked. Increased volatility around the globe, caused in large part by the European credit crisis, led many investors to seek safe havens and sell riskier assets – much as we saw in 2008. This dynamic had an adverse impact on our equity services, which generally underperformed benchmarks. However, we feel our equity portfolios are exposed to companies with very attractive cash flows and growth characteristics which should capitalize on global growth. Notably, the performance of our fixed income services remained competitive, resulting in the fourth consecutive quarter of net inflows." Allianceberstein Holding L.P. closed at $26.68 per share the previous trading day. Analysts covering the company's stock give it a consensus price target of $29.50 per share. Read more from Benzinga's Company news.