Merrill Lynch Posts Loss of $5.1 Billion
Topics:Economy (U.S.) | Banking | Stock Market | Earnings
Sectors:Banks
Companies:Merrill Lynch & Co Inc
By CNBC.com | 16 Oct 2008 | 06:50 AM ET<SCRIPT language=javascript> function UpdateTimeStamp(pdt) { var n = document.getElementById("udtD"); if(pdt != '' && n && window.DateTime) { var dt = new DateTime(); pdt = dt.T2D(pdt); if(dt.GetTZ(pdt)) {n.innerHTML = dt.D2S(pdt,((''.toLowerCase()=='false')?false:true));} } } UpdateTimeStamp('633597510146330000');</SCRIPT>
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<SCRIPT type=text/javascript>setDefault('cnbc_textbody');</SCRIPT>Merrill Lynch reported a loss of $5.1 billion for the third quarter as the investment bank wrote down the value of collateralized debt obligations and real-estate assets and revenue tumbled from the year-ago period.
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Merrill <SCRIPT type=text/javascript>cnbc_comboQuoteMove('popup_MER_ID0E1E15839609');</SCRIPT>[MER 18.24
-3.11 (-14.57%)
]<SCRIPT type=text/javascript>cnbc_quoteComponent_init_getData("MER","WSODQ_COMPONENT_MER_ID0E1E15839609","WSODQ","true","ID0E1E15839609","off","false","inLineQuote"); </SCRIPT> said it lost $5.1 billion, or $5.56 a share, in the three months ended September, compared with a loss of $2.4 billion, or $2.99 a share, in the same period a year ago.
On average, analysts surveyed by Thomson Financial predicted a loss of $5.22 a share.
Net revenue for the quarter was $16 million, far short of the $760 million analysts predicted and the $7 billion it saw in the same quarter a year ago.
Excluding writedowns, a tax gain and other one-time items, revenue was $5.7 billion.
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Current DateTime: 03:50:38 16 Oct 2008
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Bank of America <SCRIPT type=text/javascript>cnbc_comboQuoteMove('popup_bac_ID0EUEAC15839609');</SCRIPT>[BAC 23.82
-2.71 (-10.21%)
]<SCRIPT type=text/javascript>cnbc_quoteComponent_init_getData("bac","WSODQ_COMPONENT_BAC_ID0EUEAC15839609","WSODQ","true","ID0EUEAC15839609","off","false","inLineQuote"); </SCRIPT> agreed to buy Merrill Lynch for $50 billion in
Topics:Economy (U.S.) | Banking | Stock Market | Earnings
Sectors:Banks
Companies:Merrill Lynch & Co Inc
By CNBC.com | 16 Oct 2008 | 06:50 AM ET<SCRIPT language=javascript> function UpdateTimeStamp(pdt) { var n = document.getElementById("udtD"); if(pdt != '' && n && window.DateTime) { var dt = new DateTime(); pdt = dt.T2D(pdt); if(dt.GetTZ(pdt)) {n.innerHTML = dt.D2S(pdt,((''.toLowerCase()=='false')?false:true));} } } UpdateTimeStamp('633597510146330000');</SCRIPT>
<SCRIPT type=text/javascript>setDefault('cnbc_textbody');</SCRIPT>Merrill Lynch reported a loss of $5.1 billion for the third quarter as the investment bank wrote down the value of collateralized debt obligations and real-estate assets and revenue tumbled from the year-ago period.
<TABLE style="PADDING-RIGHT: 15px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 5px" cellSpacing=0 cellPadding=0 width="1%" align=left border=0><TBODY><TR><TD>
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Merrill <SCRIPT type=text/javascript>cnbc_comboQuoteMove('popup_MER_ID0E1E15839609');</SCRIPT>[MER 18.24
-3.11 (-14.57%)
]<SCRIPT type=text/javascript>cnbc_quoteComponent_init_getData("MER","WSODQ_COMPONENT_MER_ID0E1E15839609","WSODQ","true","ID0E1E15839609","off","false","inLineQuote"); </SCRIPT> said it lost $5.1 billion, or $5.56 a share, in the three months ended September, compared with a loss of $2.4 billion, or $2.99 a share, in the same period a year ago.On average, analysts surveyed by Thomson Financial predicted a loss of $5.22 a share.
Net revenue for the quarter was $16 million, far short of the $760 million analysts predicted and the $7 billion it saw in the same quarter a year ago.
Excluding writedowns, a tax gain and other one-time items, revenue was $5.7 billion.
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Bank of America <SCRIPT type=text/javascript>cnbc_comboQuoteMove('popup_bac_ID0EUEAC15839609');</SCRIPT>[BAC 23.82
-2.71 (-10.21%)
]<SCRIPT type=text/javascript>cnbc_quoteComponent_init_getData("bac","WSODQ_COMPONENT_BAC_ID0EUEAC15839609","WSODQ","true","ID0EUEAC15839609","off","false","inLineQuote"); </SCRIPT> agreed to buy Merrill Lynch for $50 billion in
