Author: 123jump.com Staff
123jump.com
Last Update: 10:23 AM EST January 17 2008
U.S. stocks came under pressure at the opening after Merrill Lynch reported a sharply higher sub-prime related losses and new home construction and completion fell in December. Merrill reported a loss of $10.73 per share or $8.6 billion from continuing operations in the fourth quarter a reversal from a profit of $7.1 billion a year ago. Proforma book value declined to $30.30 from $41.35 at the end of December including the investments received by the end of the year.
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