June 26, 2001

Merrill Lynch & Co. slashed its second-quarter profit outlook by as much as
37%, saying weak market conditions would cut its revenue to below
first-quarter levels. Merrill, the largest U.S. brokerage firm, said it
expects to earn between 52 cents and 57 cents a share for the second
quarter, well below the 82 cents a share expected by analysts.

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