Wachovia 4Q Earnings Plummet 98 Percent
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CHARLOTTE, N.C.  -- National bank Wachovia Corp. said Tuesday its fourth-quarter earnings tumbled 98 percent due to a $1.7 billion reduction in the value of certain portfolios and $1.5 billion set aside to cover bad loans.
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Station Casinos Inc. , which is in the process of a management-led buyout, on Wednesday said fourth-quarter profit fell as it took charges for a canceled residential project and some pre-opening costs for some planned expansions.
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The bankâs net income slid to $942 million, or 53 cents a share, from $1.19 billion, or 66 cents a share, in the period a year ago.
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Net income at US bank Lehman Brothers fell a smaller-than-expected 12% in the fourth quarter to $886m (Â£435m).
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SunTrust Banks Inc , a large U.S. southeast regional bank, on Wednesday said fourth-quarter earnings tumbled 98 percent, hurt by a tripling of credit losses and a bailout of two money market mutual funds.
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Profit fell 94 percent in the third quarter as sales fell in the companyâs cell phone business, but it forecast better-than-expected fourth-quarter results.
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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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DreamWorks Animation SKG said Tuesday that it swung to a fourth-quarter loss on costs to write off âFlushed Away,â which performed poorly at the box office.
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Wachovia Corp  on Friday posted a 10 percent decline in quarterly profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs at its investment banking unit.
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The virtualization market leader saw its stock price drop sharply after reporting fourth-quarter financial results that fell short of Wall Street's profit forecasts.
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Wachovia Corp  on Friday posted  a 10 percent decline in quarterly profit, missing forecasts, as  the fourth-largest U.S. bank suffered $1.3 billion of  write-downs at its investment banking unit.
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Fourth-quarter profit fell 8 percent on declining advertising sales at the companyâs newspapers and television stations.
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Wachovia Corp. , the No. 4 U.S.  bank, said on Thursday that second-quarter profit rose 14  percent, helped by a sharp increase in fee income.
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The ATM maker said earnings fell to $79 million in the fourth quarter, reflecting the spinoff of its Teradata software unit.
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Wachovia Corp. WB.N, the No. 4 U.S.  bank, on Wednesday said fourth-quarter profit rose as its  results included the impact of its acquisition of SouthTrust  Corp.
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Canadian Imperial Bank of Commerce, the country&#39;s fourth-largest bank, said fourth-quarter profit fell 14 percent as the lender took a provision for legal costs related to Enron Corp.
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Although earnings met expectations, the restaurant's comps and Q4 outlook are lacking.