1.78%XLF 20.53 6.48%QQQQ 45.97 2.38%
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NEW YORK (AP) - AllianceBernstein Holding LP slashed its full-year profit outlook on Thursday, warning investors that the investment management firm now expects 2007 earnings per unit to fall short of previous guidance by about 30 cents.
| AB | 53.18 |  1.7 |
In October, the company predicted year-end earnings of $4.50 to $4.80 per unit.
Analysts surveyed by Thomson Financial forecast full year earnings of $4.64 per unit.
AllianceBernstein attributed the shortfall to "much lower-than-expected hedge fund performance fees and greater net mark-to-market losses on investments held for employee compensation plans."
The firm plans to report fourth-quarter and full year financial results on Jan. 23.
AllianceBernstein also reported that preliminary assets under management fell during the month of December by about $6 billion, or 0.7 percent, to $800 billion.
Shares added $2.72, or 3.7 percent, to $77.01 in Thursday's trading.
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