Washington Mutual posts $1.87 bln Q4 loss
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Washington Mutual Inc , the largest U.S. savings and loan, suffered a larger-than-expected $1.87 billion fourth-quarter loss on Thursday, battered by mortgage defaults and write-downs.
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The Washington Post Co. said yesterday that its fourth-quarter profit was down 7 percent, to $95.5 million from $102.4 million in the fourth quarter of 2005, despite a 10 percent gain in revenue.
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NEW YORK, Jan. 23 -- Sallie Mae, the student loan giant, reported Wednesday that it lost $1.64 billion in the fourth quarter, a sharp reversal from its $18 million profit in the comparable quarter a year earlier.
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Student lending company Sallie Mae  posted a fourth-quarter loss on Wednesday, citing higher  provisions for loan losses due to the weakening credit markets.
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AT&T Corp. on Thursday reported a net loss of $7.1 billion, or $8.95 per share, for the third quarter of 2004, but that loss included asset re-evaluation and other charges of $12.5 billion.
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Washington Mutual Inc. , one of the largest U.S. mortgage lenders, on Friday said improved underwriting standards have led to a reduction in the number of new subprime mortgages going into default quickly.
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The discount broker posts a loss as mortgage-related losses mount.
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Morgan Stanley , the second-largest U.S. investment bank, on Wednesday posted a fourth-quarter loss after recording bigger-than-expected write-downs on assets hit by the credit crunch, and said it sold a $5 billion stake to China Investment Corp to boost capital.
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The company reported a fourth-quarter net loss of $2.58 billion,  citing a $6.1 billion charge related to transferring employees from a multi-employer pension fund.
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LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.
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Merck posted a $1.63 billion fourth-quarter loss on Wednesday as  charges for its Vioxx litigation settlement dragged down results and share prices.
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The Washington region's financial sector reflects the industry nationwide, with stock prices dropping, companies incurring losses from sour mortgages and private-equity investors pulling back on takeovers because of tighter lending.
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Washington Mutual Inc said on Monday that most U.S. housing markets are weakening, creating a "near perfect storm" that may force the largest U.S. savings and loan to set aside more money for bad loans.
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Merck and Co  on Wednesday  reported a fourth-quarter loss due to charges related to a  costly settlement related to its withdrawn Vioxx arthritis  drug, but results soundly beat Wall Street expectations.
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Morgan Stanley  on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion.
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The company said its net loss in the fiscal third quarter ended Dec. 1 was $84.8 million, or 12 cents a share, compared with a net profit of $1.1 million.
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For the period that ended Dec. 31, the company reported a loss of $16 million, or 11 cents a share, in contrast to a profit of $18 million, or 12 cents a share, in the period a year earlier.