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Rating:Investors Cheer Legg Mason News Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 03, 2008

Investors Cheer Legg Mason News

by: Armie Margaret Lee

Legg Mason saw its stock leap 14 percent, or $2.08, to close at $17 on Tuesday, after a bevy of announcements that included amendments to debt covenants, Reuters reports.

Legg Mason made that announcement after the market closed on Monday. It also said it will put in additional support for money market funds holding securities issued by structured investment vehicles. The Baltimore firm also renewed a deal with a major bank.

The new debt arrangements provide the firm with some "breathing room," Reuters quoted FBR Capital Markets analyst Matt Snowling as saying. 

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