Schwab Expects to Meet Earnings Estimate

Charles Schwab Corp. said it expects to earn as much as $83 million from operations in the fourth quarter, at least meeting analysts forecasts, after taking a charge to settle a class-action suit. The nation’s biggest discount broker said operating profit will rise to between 28 cents a share and 30 cents a share in the fourth quarter. Analysts expected the company to earn 28 cents. In the same quarter a year earlier San Francisco-based Schwab earned 22 cents a share. Schwab’s operating earnings exclude a one-time, $46 million charge. The company is one of 30 securities firms that agreed to pay nearly $1 billion to settle claims that traders on the Nasdaq Stock Market boosted their profits by giving inferior prices to customers. The firms have not confirmed nor denied the allegations. The charge reflects Schwab’s portion. Schwab stock fell $1.25 to $37.88 on the NYSE.