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The Boston Globe


Market movers

Pitney Bowes surges despite profit drop

Pitney Bowes Inc. posted sharply lower net income but adjusted earnings beat Wall Street estimates, and the stock surged. The company earned $110.3 million, or 55 cents per share, for the last three months of 2012, down 57 percent from $257.5 million, or $1.28 per share, a year earlier — results that included a big tax gain. Adjusted earnings were 56 cents per share; analysts expected 51 cents.

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