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Stock Analyst Update

Sizzling Stock Market Buoys FleetBoston's Profits

Quick & Reilly, Robertson Stephens units push the bank past estimates.

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FleetBoston Financial (FBF) breezed past Wall Street's first-quarter earnings estimate Thursday thanks to big--but not sustainable--contributions from the company's discount broker, Quick & Reilly, and its investment bank, Robertson Stephens.

On an operating basis, FleetBoston's net income totaled $808 million, or $0.87 per share, a 28% increase in earnings per share over first-quarter 1999 results and $0.07 higher than the consensus estimate.

Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.