MCI to Write Down Asset Values by $3.5 Bln in 3rd Qtr
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MCI Inc., the second-largest US long- distance telephone company, will write down its assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.
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3M Co. MMM.N on Monday reported a 17  percent rise in third-quarter earnings due in part to the weak  dollar, but the diversified manufacturer's results fell short  of Wall Street's estimates for the first time in nearly four  years, sending shares down 5 percent.
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Dow Jones +0,17%, StandardPoor's +0,21%, Nasdaq +0,54%
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MCI reported a $3.4 billion third-quarter loss today, as the company's efforts to recover from bankruptcy were slowed by stiff competition in the long-distance telephone service market.
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Dow Jones +0,04%, Nasdaq +0,09%, StandardPoor's +0,16%
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IT services provider Electronic Data Systems yesterday reported a net loss of $153 million for the third quarter, with earnings hit in part by an asset impairment charge of $375 million connected with EDS's N/MCI project.
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Dow Jones +0,25%, Nasdaq +0,50%, SP 500 +0,23%
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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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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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Dow Jones a -36, Nasdaq a -3,75, SP500 a -1,9
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By George Chamberlin , Daily Transcript Financial Correspondent. Investors continued to balance their portfolios on Wednesday in advance of the end of the third quarter.
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Barclays Plc , Britain's  third-biggest bank, raised its 2007 write-down on the value of  risky assets to 1.6 billion pounds ($3.1 billion) but reported  profits broadly in line with analysts' expectations.
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Gold Fields will be expected to sell its international assets valued at up to $3.5 billion and return the cash to shareholders as part of its defence against a hostile all-share bid from rival gold producer Harmony.
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3M Co. (MMM.N: Quote, Profile, Research) on Monday said third-quarter earnings rose 17 percent due in part to the weak dollar, but the diversified manufacturer&#39;s results
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MCI Inc. reported yesterday that it will take a $3.5 billion non-cash charge in the third quarter to reflect the severe downturn in its consumer long-distance telephone business.
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Dow Jones +17 punti base, SP +2,5, Nasdaq +4,5
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NEW YORK -- MBIA Inc. reported write-downs of $3.5 billion on souring credit derivatives in the fourth quarter Thursday, raising the possibility that the world's largest bond insurer could lose its top credit rating.