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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: ldo79	10/25/2007 8:42:25 PM
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ML has deep pockets. ===== Merrill Lynch May Write Down $4 Billion More, CIBC Analyst Says By Yalman Onaran Oct. 25 (Bloomberg) -- Merrill Lynch & Co., the largest brokerage firm, may have to write down another $4 billion in the fourth quarter as the value of subprime assets continues to drop, according to CIBC World Markets. ``Thus far, Merrill has taken the largest writedown of its financial peers, but unfortunately, we believe in aggregate it will only get larger,'' CIBC analyst Meredith Whitney said in a report released yesterday. She kept her recommendation at ``sector performer'' while cutting her fourth quarter earnings estimate to a 50-cent per share loss. Goldman Sachs Group Inc. and UBS AG cut their ratings and share-price projections for New York-based Merrill Lynch after the securities firm posted the biggest loss in its 93-year history yesterday. It wrote down subprime mortgages and asset- backed bonds by $7.9 billion, posting a third-quarter loss of $2.24 billion, or $2.82 per share. It also wrote down the value of loans to finance leveraged buyouts by $463 million. bloomberg.com

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