Merrill Lynch posts $2.3bn loss
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Brokerage Merrill Lynch announces its first quarterly loss in six years, as it is hit by exposure to the sub-prime market.
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Only six months out of bankruptcy, MCI has reported net losses of $3.4bn for Q3, due to falling revenues and a write down of the value of its network.
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Profit at Merrill Lynch & Co. Inc.  could take a big hit if the U.S. brokerage heavyweight cuts the value on nearly $1 billion in subprime lender assets it bought just eight months ago.
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Stock futures fell sharply on Friday as a report that Merrill Lynch & Co  would incur mortgage-related losses of nearly twice what it previously forecast sparked more worry about fallout from the housing slump.
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Merrill Lynch & Co  warned on Friday that shaky credit markets forced the world's largest brokerage to adjust the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
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Merrill Lynch & Co Inc reported about $16 billion in mortgage-related write-downs and adjustments on Thursday in the worst quarter of the company's history.
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US telecoms company MCI has seen its third quarter loss balloon to $3.4bn (Â£1.8bn) after a price war forced it to reduce the value of its assets.
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Stocks fell on Wednesday as a steep quarterly loss at Merrill Lynch & Co. Inc.  and executives' warnings about possible future problems suggested the worst of the credit crisis may not be over.
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Investment bank Morgan Stanley says it has suffered a $3.7bn loss from its US sub-prime mortgage exposure.
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Merrill Lynch is expected to report today that it will add about $2.5 billion more to the $5 billion in write-downs it has already announced, a person briefed on the plan said.
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How should investors read the huge losses that Merrill may be taking?
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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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Goldman Sachs reported profit of $3.2 billion, setting a record amid growing concern over falling stock prices and an imploding subprime mortgage market.
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Merrill Lynch & Co Inc reported about $16 billion in mortgage-related writedowns and adjustments on Thursday in the worst quarter of the company's history.
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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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The discount brokerage posted a larger-than-expected quarterly loss after a $2.2 billion charge related to the sale of its asset-backed securities portfolio.
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Merrill Lynch reports a net loss for 2007 after it is caught up in problems from a slump in the US housing market.