Chase Manhattan Corp., J.P. Morgan & Co., and PaineWebber Inc. are likely to post disappointing second-quarter earnings because of a slowdown in capital markets activity, Merrill Lynch & Co. says.

Judah Kraushaar, an analyst at Merrill Lynch, estimates in a report by the company that earnings per share will be 78 cents for Chase, $2.27 for J.P. Morgan, and 86 cents for PaineWebber - 7 to 8 cents below the Wall Street consensus for each. The firms will report results between July 13 and July 19.

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