Word: pretax
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...smart buy for the 21st century: surely there are rosier prospects for software than for spirits. But Bronfman wasn't selling his whiskey interests; he was giving up on a company with a strong present (Du Pont stock accounted for nearly 70% of Seagram's pretax profits last year) and a robust future. Unsurprisingly, Wall Street greeted both the Du Pont sale and the MCA negotiations with derision. On Friday Moody's Investors Service announced that it was considering "the possible downgrade" of Seagram's debt. Seagram stock dropped nearly 17% during the week, closing Friday at 26 1/2. Wall...
...Biogen officials are putting a positive spin on the setback, which has forced the company to take a $25 million pretax charge against its earnings, eliminating profits for the third quarter of the fiscal year...
...pretax losses in millions
...while some people have lost their jobs, Wall Street has become richer. Thanks to record sales of everything from derivatives to new stock and bond issues to merger financing, the pretax profits of U.S. brokers and investment banks zoomed to an unprecedented $8.9 billion last year. "I see no reason why 1994 won't be better than 1993," exults Sanford Weil, chairman of Travelers Cos., which owns Smith Barney Shearson. "We're having a great time...
...partners of the prestigious Wall Street firm Goldman, Sachs & Co. work long, hard hours, provide a useful economic function and give generously to charities. They also make a breathtaking amount of money: $2.7 billion in pretax income last year, a number that nearly matched the 1992 gross national product of Uganda...