Lehman net falls on writedowns
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Lehman Brothers Holdings Inc.  posted a 3.2 percent decline in quarterly earnings on Tuesday as the U.S. investment bank wrote down mortgage and leveraged loan assets, but the results beat expectations and its shares jumped before the market opened.
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Wall Street stocks fell sharply on Friday amid fears of bigger-than-expected writedowns and loan-losses at financial companies and as Bank of America (NYSE:BAC) agreed to absorb Countrywide Financial, the troubled mortgage lender.
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The bank said fourth-quarter net income fell to $11.1 million, hurt by a tripling of credit losses and a bailout of money market mutual funds.
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Slashed earnings estimate pulls down shares.
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Deutsche Bank reports a 48% drop in profits as the global credit squeeze hits its investment earnings.
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The Dow Jones industrials fell more than 360 points to cap a week of poor earnings reports, particularly from the large Wall Street banks.
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Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and rising concerns about the mortgage market.
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Credit Suisse  said it marked down the value of asset-backed investments by $2.85 billion, wiping $1 billion from its net income and sending its shares plummeting.
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Morgan Stanley and Bear Stearns said on Wednesday that their third-quarter earnings fell, the first declines for the investment banks in more than a year.
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Investment bank Lehman Brothers Holdings Inc  on Thursday said it would stop U.S. wholesale mortgage lending because of a continued slump in credit and housing markets, a move that will cut 1,300 jobs and result in a $40 million charge.
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Bond prices fell Friday, as stocks were modestly lower in the wake of an uninspiring government job report. The price of the benchmark 10-year Treasury note fell 19/32 point, or $5.
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J.P. Morgan Chase & Company, the nation's second-largest bank, surprised Wall Street today with a sharp drop in third-quarter earnings.
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Stocks slipped as Wall Street, still pleased about the Federal Reserveâs rate cut but sobered a bit by mixed earnings reports, stopped to cash in profits from this week.
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Wachovia Corp , the fourth-largest U.S. bank, on Friday said third-quarter profit fell, hurt by write-downs related to difficult credit market conditions.
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Two large Wall Street firms - Morgan Stanley and Bear Stearns - reported a fall in quarterly profits yesterday in sharp contrast to rival players who presented an upbeat performance the day before.
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Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and renewed concerns about the mortgage lending market.
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Stocks fell on Thursday, after disappointing quarterly results from companies such as Comcast Corp  and as investors worried financial services companies would report more big losses from the credit crisis.