Merrill Lynch posts first-quarter loss amid more write-downs on credit investments
NEW YORK (AP) -- Merrill Lynch has reported a steep first-quarter loss after more write-downs related to the troubled credit markets.
The world's largest brokerage says it lost $2.14 billion, or $2.19 per share, compared to a profit of $2.11 billion, or $2.26 per share, a year earlier. Revenue has fallen 69 percent to $2.93 billion from $9.6 billion a year earlier.
Thomson Financial says analysts expected a loss of $1.99 per share on $3.7 billion of revenue.
New York-based Merrill says it wrote down $1.5 billion related to troubled debt instruments and took a $3 billion adjustment related to protection on certain kinds of debt.
Watch 1400 on SPX if broken and held could be important....no matter what facts abound....did the FEd do enough and forstall the DAY OF RECKONING?
D
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