Merrill Profit Falls on Lower Trading
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U.S. investment bank Merrill Lynch &  Co. MER.N on Tuesday said third-quarter profit fell 8  percent, hurt by reduced trading in debt and equity markets,  which pushed revenue below expectations.
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Merrill Lynch & Co., the biggest U.S. brokerage, on Tuesday said quarterly profit fell slightly amid sharply higher expenses, but its shares rose as a 21 percent jump in revenue helped the firm beat expectations.
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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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Merrill Lynch & Co Inc  reported $7.9 billion in net write-downs for the third quarter on Wednesday as shaky risk management and bad bets on subprime mortgages and collateralized debt obligations triggered the company's first quarterly loss in six years.
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Merrill Lynch & Co Inc  on Wednesday reported its first loss in six years as a publicly traded company after writing down $7.9 billion for bad bets on risky subprime mortgages and related securities.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on sharply lower bond trading revenue and higher expenses,  falling well short of Wall Street's low expectations and  pushing the company's shares down as much as 8 percent.
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Merrill Lynch & Co. MER.N on Tuesday  said third-quarter profit fell 8 percent, hurt by reduced  trading in debt and equity markets.
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Merrill Lynch & Co Inc on Thursday said it took a $14.1 billion write-down in the fourth quarter on bad subprime mortgage bets plus other charges that have forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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U.S. stocks opened lower on Thursday,  weighed down by disappointing earnings from eBay Inc. and a  lower-than-expected profit forecast from Qualcomm Inc. .
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Chicago Mercantile Exchange Holdings  Inc. CME.N on Tuesday reported weaker than expected earnings,  as an increase in discounted trade by members cut into revenue,  sending shares down 11 percent.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on lower bond trading revenue and higher expenses, falling  short of Wall Street's low expectations and pushing its shares  down as much as 8 percent.
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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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Financial services company State Street Corp.  on Tuesday said quarterly profit fell more than Wall Street had expected as foreign exchange and securities lending revenue declined, and its shares fell 8.5 percent.
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Merrill Lynch & Co.  on Tuesday said third-quarter profit fell 8 percent, hurt by reduced investment banking and trading.
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Google Inc  reported a lower-than-expected quarterly profit on Thursday and predicted further spending to shore up its operations, sending its shares down as much as 9.5 percent.
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Wall Street stocks were lower on Thursday, after a 32 per cent fall in profits at Bank of America (NYSE:BAC) compounded woes in the banking sector and weighed heavily on market sentiment.
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Morgan Stanley  on Wednesday said third-quarter profit fell as the summertime freeze in mortgage and corporate loan markets forced the bank to mark loans down by $940 million, but shares held their own on optimism that financial markets may be starting to revive.