Stocks Slide; Freddie Mac and Sprint Nextel Report Huge Losses
The Dow’s winning streak came to an end, weighed down by American International Group’s pre-earnings decline. The Dow lost -112.10, the Nasdaq Composite -22.21 and the S&P 500 lost -12.34.
Freddie Mac
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PowerRating) reported much worse than expected earnings, missing estimates by -$1.63. FRE’s fourth quarter loss came in at $2.5 billion.
Shares of Sprint Nextel
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PowerRating) tumbled after the company also disappointed. Sprint reported a net loss of $29.45 billion after virtually writing-off the cost of its 2005 Nextel acquisition.
Later today, American International Group
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PowerRating) is expected to report Q4 2007 earnings of $0.60. AIG shares fell more than 4% today.
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