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NEW YORK - Shares of Bear Stearns Cos. leaped Wednesday after the investment bank's chief executive said he is "comfortable" the company's profit will fall within the range of analysts' estimates for the first quarter.
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In an interview with CNBC, Alan Schwartz said he expects Bear Stearns fell within the range of estimates that analysts on Wall Street forecast for the fiscal first quarter, which ended last month.
Analysts' expectations for profit range from 46 cents per share to $1.61 per share.
Schwartz also denied rumors that the company's liquidity is under threat. Bear Stearns still has a $17 billion cushion against losses, he said.
"Our balance sheet has not weakened at all," he said. "We don't see any pressure on our liquidity."
Bear Stearns' stock spiked $4.32, or 6.9 percent, to $67.29 in morning trading Wednesday. The shares have traded in a range of $55.42 and $159.36 in the past year.
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