More Analysts See Q1 Losses at Merrill |
| Smartmoney.com - Mar 25, 2008 |
JPMorgan and UBS joined the parade Tuesday in cutting first-quarter expectations for Merrill Lynch & Co. (MER), following two other firms which lowered their forecasts Monday.
All of the cuts are due to projected additional write-downs at the investment bank.
JPMorgan now sees a first-quarter loss of 68 cents a share, versus its prior forecast of a $1.05 profit. Quarterly earnings estimates for the rest of the year were lowered by about 20 cents each while its 2009 earnings estimate for Merrill was cut by 8.6% to $5.09 a share.
Analyst Ken Worthington expects more write-downs on leveraged loans and subprime, Alt-A and commercial mortgages. For the mortgages, he sees the write-downs totaling $5.1 billion, with the leveraged-loan write-down being $900 million, or about 5% of Merrill's commitments as of Dec. 28.
Read Full Article from Smartmoney.com
- Posted: 2008-03-25 08:53:01
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