Merrill writedown takes toll on financial sector
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Wall Street stocks endured a volatile session on Wednesday in which a $7.9bn writedown at Merrill Lynch revived worries about banks' exposure to risky investments.
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Citigroup Inc , Merrill Lynch &  Co  and JPMorgan Chase & Co  may face larger  fourth-quarter write-offs of fixed-income securities than  previously expected, and Citigroup may have to slash its  dividend 40 percent to preserve capital, according to a Goldman  Sachs & Co analyst.
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S&P 500 and Dow industrials futures declined on Thursday as Merrill Lynch & Co Inc  reported a larger-than-expected fourth-quarter loss because of subprime mortgage-related problems.
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Wall Street stocks fell sharply on Friday amid fears of bigger-than-expected writedowns and loan-losses at financial companies and as Bank of America (NYSE:BAC) agreed to absorb Countrywide Financial, the troubled mortgage lender.
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Merrill Lynch & Co Inc  on Thursday said it took a $14.1 billion writedown and adjustments in the fourth quarter as bad subprime mortgage bets forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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Stocks slid sharply on Tuesday after Merrill Lynch cut its rating on three investment banks, while housing and consumer confidence data added to doubts about the economy's health.
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Citigroup expects a $15 billion fourth-quarter  write-down at Merrill Lynch & Co Inc  and said  CDO/subprime exposures will decline by 50 percent to 70 percent  in aggregate.
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Merrill Lynch said today it has devalued its collection of mortgage-backed assets by $7.9 billion, far more than the company estimated only three weeks ago and a sign that the financial industry still may not have a full grip on problems related to risky, subprime loans.
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The financial sector bore the brunt of heavy losses suffered by European equity markets this week.
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Stocks dropped sharply on Thursday as data showing a plunge in regional factory activity and news of a hefty loss by brokerage Merrill Lynch fanned worries about the economy.
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Brokerage announces weaker-than-expected results dragged lower by a writedown in the value of some of its assets.
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NEW YORK -- The U.S. stock market Thursday sustained its worst damage this year as major banks announced they were writing off billions of dollars in additional bad debt and signs emerged of even more trouble ahead for the financial and manufacturing sectors.
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Merrill Lynch & Co.  on Tuesday said third-quarter profit fell 8 percent, hurt by reduced investment banking and trading.
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Much of the brokerage firmâs $7.9 billion write-down was tied to problems in the subprime mortgage market.
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Citigroup Inc , Merrill Lynch & Co  and JPMorgan Chase & Co  may face larger fourth-quarter write-offs of fixed-income securities than previously expected, and Citigroup may have to slash its dividend 40 percent to preserve capital, according to a Goldman Sachs & Co analyst.
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Citigroup and Merrill Lynch each announced outside investments to shore up their ravaged balance sheets as Citigroup revealed a $18.1 billion write-down and a $9.83 billion fourth-quarter loss.
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NEW YORK - No matter who is running Merrill Lynch &amp; Co., it's going to need a regimen of restraint and recuperation after getting badly bruised by the global credit market shakeout.