Penson suffers second quarter lossNews added by ProWEB Media on July 23, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Penson Worldwide reported a net loss of $7.4 million during the second quarter, attributing much of the loss to acquisition-related costs, weak client trading and stubbornly low interest rates.

According to Penson CEO Philip A. Pendergraft, "The likelihood of near-term rate increases appears to have been forestalled, and while trading volumes were good in May, they were weak in June and July to date. In response, we are intensifying efforts to properly adjust our cost structure."

Penson recently purchased Ridge Clearing & Outsourcing Solutions Inc., ranking the company second among securities clearing firms.
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