Wit Capital Group, Inc. gained 4 7/8 Friday, closing at 21 7/16, after issuing a statement saying first-quarter results will “significantly exceed analysts’ estimates.” The online investment bank said it expects to report its first profitable quarter, along with revenue of $85 million, above estimates of $47.6 million to $54.0 million.
“The issuing and trading markets for Internet and technology stocks have been very strong in the first quarter, and our results will reflect both market conditions and the accretive benefits of the SoundView Technology Group merger,” said Ron Readmond, co-CEO of the company’s Wit SoundView Corp. subsidiary.
WitSoundView was formed earlier this year when Wit Capital acquired SoundView Technology Group. The company said it will report results the week of April 17th.
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