Merrill Cuts Citigroup Rating, Stock Down
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Citigroup Inc.  shares fell more than 2 percent early Monday, after Merrill Lynch analyst Guy Moszkowski cut his stock rating to "neutral" from "buy," citing recent ethics problems.
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Merrill Lynch warned yesterday that shaky credit markets forced it to reduce the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
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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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Stocks dropped sharply on Wednesday as a steep quarterly loss at Merrill Lynch & Co. Inc.  and executives' warnings about possible future problems suggested the worst of the credit crisis may not be over.
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US financial services giant Citigroup (CN: Quote, Profile, Research) regrets its controversial sale of around 11 billion euros ($13.
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US investment bank Merrill Lynch &amp; Co. (MER.N: Quote, Profile, Research) on Tuesday said third-quarter profit fell 8 percent, hurt by reduced trading in
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Merrill Lynch & Co Inc  on Wednesday reported $7.9 billion in write-downs for the third-quarter as shaky risk management and bad bets on mortgages and leveraged loans for corporate takeovers triggered the company's first loss in six years.
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Stock index futures fell on Tuesday,  suggesting a lower start for Wall Street, after Citigroup Inc   reported a wider-than-expected quarterly loss.
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Moody's Investors Service lowered the credit ratings on $5.2 billion of bonds backed by subprime mortgages and Standard &amp; Poor's said it may cut ratings on $12 billion as the companies seek to deflect criticism they were too slow to act as home-loan defaults rose.
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Citigroup Inc , Merrill Lynch & Co  and JPMorgan Chase & Co  may face larger fourth-quarter debt write-offs than previously expected, and Citigroup may have to slash its dividend 40 percent to preserve capital, according to a Goldman Sachs & Co analyst.
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Merrill Lynch & Co Inc reported about $16 billion in mortgage-related write-downs and adjustments on Thursday in the worst quarter of the company's history.
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Micron Technology Inc  (MU) share prices fell early Sept. 19, after the financial services firm Citigroup downgraded its rating on the stock to hold from buy.
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Profit at Merrill Lynch & Co. Inc.  could take a big hit if the U.S. brokerage heavyweight cuts the value on nearly $1 billion in subprime lender assets it bought just eight months ago.
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Citigroup Inc. shares on Monday  suffered their biggest one-day percentage decline in 18 months  after a prominent Wall Street analyst downgraded the world's  largest financial services company, citing a string of recent  ethics problems.
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Citigroup Inc. led shares of financial services stocks lower Monday after Japanese regulators ordered the company to close down its private-banking operations, a move that triggered a downgrade from a major Wall Street brokerage.
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Stocks fell on Wednesday as Merrill Lynch & Co. Inc  reported its first quarterly net loss in six years and earnings by Amazon.com Inc  disappointed investors.
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Merrill Lynch & Co. MER.N on Tuesday  said third-quarter profit fell 8 percent, hurt by reduced  investment banking and trading.