Washington Mutual Swings to Fourth-Quarter Loss
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Washington Mutual Inc., the country's biggest savings and loan, said Thursday it swung to a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio.
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JPMorgan Chase said its fourth-quarter net income fell 34 percent as problems from the housing slump widened in its investment banking and consumer businesses.
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Northwest Airlines Corp. , the No. 4 U.S. air carrier, on Wednesday posted a quarterly loss, versus a profit a year earlier, as high fuel prices and low fares weighed on the industry.
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H&R Block Inc. , the largest U.S. tax preparer, on Thursday posted a fourth-quarter loss on the depressed value of a mortgage unit slammed by deterioration in the U.S. subprime market.
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Washington Mutual Inc , the largest U.S. savings and loan, posted a $1.87 billion fourth-quarter loss on Thursday, its first quarterly loss in more than a decade, battered by mortgage defaults and write-downs.
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Washington Mutual said third-quarter profit fell 72 percent, hurt by mounting losses and write-downs related to mortgages.
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Stocks fell on Friday, giving Wall Street its worst week in more than four years, as a diminishing appetite for riskier assets fueled a further rout in global equity markets.
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The company reported a $1.63 billion loss in the fourth quarter as whopping charges for its Vioxx litigation settlement and other items dragged down results.
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The loss, which came to $3.41 a share, was in contrast to a profit of $45.4 million, or 97 cents a share, in the quarter a year earlier.
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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The bank posted a fourth-quarter loss of $11.28 billion, and a loss for the entire year, besieged by investments in U.S. subprime mortgages. It said it expected more problems in 2008.
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UBS AG said Wednesday it expects a record loss of around $11.45 billion for the fourth quarter, largely a result of bad investments in U.S. subprime mortgages.
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MGIC Investment Corp , the largest U.S. mortgage insurer, recorded another losing quarter on Wednesday, as the bond insurance industry continues to grapple with rising defaults in the U.S. subprime mortgage market.
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Wells Fargo & Co  on Wednesday  said fourth-quarter profit fell, the first decline in more than  six years, hurt by rising losses from home equity loans.
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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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Morgan Stanley  on Wednesday posted a stunning fourth-quarter loss after recording a bigger-than-expected $9.4 billion of write-downs and said it sold a $5 billion stake to China Investment Corp to bolster its capital.
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The companyâs shares plunged 15.9 percent to a nearly four-year low of $10.36 in morning trading after its net profit fell 84 percent in the fourth quarter.