Merrill Lynch Not So Bullish
After Citigroup announced large write-downs earlier this week, Wall Street investment bank Merrill Lynch has announced further write-downs exceeding expectations.
In November Merril Lynch CEO Stanley O’Neal left the company after the investment bank made losses in excess of $2bn. Today the bank announced record losses after writing down $15bn. The company lost almost half of its market value in 2007.
Merrill Lynch Stocks
Merrill Lynch stock (MER) fell yesterday on the NYSE, closing at $55.09. Despite the bad news Merrill Lynch have secured $12bn in funding from outside sources in recent months.
The US Dollar fell against the Euro and the Yen after the worse than expected Merrill Lynch losses were announced. “The Merrill Lynch news is re-emphasizing risks regarding the financial-services sector, and that’s undermining the dollar’” says Jeremy Stretch, senior market strategist in London at Rabobank Group.
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