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Wednesday, October 24, 2007

Merrill Lynch Reports Loss on $8.4 Billion Writedown

Bad news and more bad news... Citigroup (Drop more than 50%), Bank of America (Drop more than 30%), etc... Now we have Merrill Lynch.

Third-quarter revenue fell 94 percent to $577 million, as losses in Merrill's fixed-income division overshadowed gains from underwriting stocks and providing merger advice.

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