T. Rowe Price, the seventh largest U.S. mutual fund company, offered a disappointing first-quarter profit forecast on Thursday, despite projecting an 80% improvement from a year ago. As a result, the company saw its shares drop $1.05, or 1.92%, to $53.52 on Nasdaq.

Speaking at the firm’s annual meeting, Chairman and President George Roche projected an 80% spike in first-quarter earnings and said the company is well-positioned to weather market jitters brought on by fierce fighting in Iraq and the threat of another terrorist attack. He also told shareholders that revenue for the quarter increased roughly 40 percent

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