0.13%SPY 128.17 
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NEW YORK - Shares of Franklin Resources fell nearly 2 percent Thursday after the investment manager missed earnings expectations.
| BEN | 99.96 |  2.59 |
Franklin Resources Inc. shares fell $1.88 to close at $93.88.
Earlier in the day, Franklin said it earned $366.1 million, or $1.54 per share, during the first three months of 2008, a 17 percent decline from the same quarter last year.
Analysts had expected the San Mateo, Calif.-based company to earn $1.76 per share.
Banc of America Securities analyst Michael Hecht says losses on sponsored investment products and weaker-than-expected investment management fees led to the decline in earnings.
Investment management fees struggled due to weak equity markets during the quarter, Hecht said.
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