Lehman net falls on writedowns
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Lehman Brothers Holdings Inc.  posted a 3.2 percent decline in quarterly earnings on Tuesday as the U.S. investment bank wrote down mortgage and leveraged loan assets, but the results beat expectations and its shares rose.
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NEW YORK - Merrill Lynch &amp; Co. yesterday took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
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Blue-chips ended the day down, albeit off lows, as Northern Rock plummeted following its profit warning and news it is to tap the Bank of England (BoE) for emergency funding, while Wall Street turned down after weak retail sales data.
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Credit Suisse  said it marked  down the value of asset-backed investments by $2.85 billion,  wiping $1 billion from its net income and sending its shares  plummeting.
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The Dow Jones industrials fell more than 360 points to cap a week of poor earnings reports, particularly from the large Wall Street banks.
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The bank said fourth-quarter net income fell to $11.1 million, hurt by a tripling of credit losses and a bailout of money market mutual funds.
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Credit Suisse  said it marked down the value of asset-backed investments by $2.85 billion, wiping $1 billion from its net income and sending its shares plummeting.
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Dollar General (DG:NYSE - news - research) fell Thursday after reporting cost overruns that left first-quarter earnings a penny shy of Wall Street estimates.
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Lehman Brothers Holdings Inc. on Wednesday posted slightly stronger-than expected results, but its shares fell 2.6 percent as investors fretted about the investment bank's subprime mortgage exposure.
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Stocks fell on Tuesday as rising bond yields stoked concerns that higher borrowing costs could cut into corporate profits and put a damper on deal activity.
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UK blue chips reversed earlier gains Wednesday to close lower, tracking Wall Street's sharp decline as Merrill Lynch's big write-down raised concern over other banks' exposure to the credit markets.
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Stocks fell on Thursday, after a sharp drop in Bank of America Corp's  earnings stoked worries about the impact of the credit crunch on profits and the economy.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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Morgan Stanley, the No. 2 U.S. investment bank, reported a $9.4 billion writedown on Wednesday from bad bets on mortgage-related debt, leading it to take a $5 billion infusion from an arm of the Chinese government
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The sluggish bond market took a toll on another Wall Street behemoth, as JPMorgan Chase reported a 13per cent drop in third-quarter earnings, far worse than Wall Street analysts had expected.
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Another bank took an ax to its asset valuations Friday, as the parade of markdowns induced by the recent credit crunch continued. The latest ten-digit chop came from Wachovia Bank, which said it wrote down loans and other securities by a total of $1.3 billion in the third quarter, contributing to an overall profit decline [...].
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NEW YORK -- Lehman Brothers Holdings Inc., the No. 4 investment bank, on Tuesday said third-quarter profits fell less than expected, as strength in stock trading and investment banking offset losses from the struggling mortgage market.