Markets Sink on Merrill Writedowns
The major indexes were down big today, after Merrill reported massive losses
linked to the subprime mortgage markets. The S&P fell 1.7%, the Dow fell 1.2%,
and the Nasdaq dropped 1.2%.
Merrill Lynch
(
MER |
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PowerRating) announced a Q4 loss of nearly $10 billion,
mostly stemming from bad subprime bets. MER fell more than 7% in morning trading
(read
more).
Ambac Financial
(
ABK |
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PowerRating) fell 48% after reporting larger losses than
were expected. The company is rumored to lose its AAA credit rating (read
more).
Perini
(
PCR |
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PowerRating) dropped 18% after announcing that the Cosmopolitan
Resort and Casino recieved a default note from investor Deutsche Bank. PCR is
the general contractor of the casino under construction.
Monsanto
(
MON |
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Chart |
News |
PowerRating) fell 12% after negative analyst comments
Gold rallied 0.3% after a down day yesterday, while oil continued to fall,
down about 0.5%.
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