Ubs Drops 3% On Q1 Results, Redeems Third Party Funds

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ZURICH, Switzerland (HedgeWorld.com) - Shareholders seemed less than impressed with the first quarter 2007 results for UBS AG. Although the banking giant reported that profits from continuing operations had reached a "record" 3.18 billion Swiss francs ($2.62 billion) and that all business groups had achieved record profits in the quarter, the share price has been under some pressure since the results were announced this morning [May 3], and shed around 3.5% during today's session on the Zurich exchange.

The decline may in part be down to investors taking profits following a run-up of almost 20% in the share price in the last six weeks after UBS' stock dipped to around 67 Swiss francs in mid- March. The sell-off may also be due to disappointment at the mere 4% overall rise in core year-on-year profits, and at the fact that, if discontinued businesses are factored in, profits are in fact lower than the year-earlier period.

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Ubs Drops 3% On Q1 Results, Redeems Third Party Funds

But investors may also have been unimpressed with the apparent failure of New York-based Dillon ...

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