LPL Financial's shares tank as profit is sliced in half

Shares in Boston-based broker-dealer LPL Financial plummeted 38% on Friday after the company revealed its profit had been cut in half, thanks in large part to a drop in sales and advisory fees at the end of 2015. LPL (NASDAQ:LPLA) shares were trading at $15.76 early Friday afternoon, after closing Thursday at $25.26. The firm announced after the close of market on Thursday that its fourth-quarter profits were down 45% from a year earlier, from $48.6 million to $26.8 million. More than 14,000 financial…

from Charlotte Business News - Local Charlotte News | Charlotte Business Journal http://www.bizjournals.com/charlotte/blog/bank_notes/2016/02/boston-broker-dealers-shares-tank-as-profit-sliced.html