UBS AG (UBS) Higher After Forecasting A Small Profit In Q3

Shares of UBS AG (NYSE: UBS), the largest Swiss bank, are 5% higher today after the company said it expects a small profit in Q3, its first profitable quarter in more than a year despite extremely volatile market conditions. The company also said 2009 will be a profitable year.

UBS said it "substantially reduced its U.S. commercial and residential mortgage-related positions".

Analysts at Deutsche Bank were positive on the news, saying, "We see this as a positive for the stock, not least because it can help to reassure UBS' clients that its worst write-downs and losses are now over."

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