Washington Mutual Swings to Fourth-Quarter Loss
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Washington Mutual Inc., the country's biggest savings and loan, said Thursday it swung to a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio.
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The Washington Post Co. said yesterday that its fourth-quarter profit was down 7 percent, to $95.5 million from $102.4 million in the fourth quarter of 2005, despite a 10 percent gain in revenue.
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Wells Fargo & Co  on Wednesday said its fourth-quarter profit fell 38 percent, the first decline in more than six years, hurt by rising losses from home equity loans.
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The natural gas producer and pipeline operator said its fourth-quarter loss widened, hurt by a tax charge related to the sale of its stake in a pipeline.
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Merck and Co  on Wednesday  reported a fourth-quarter loss due to charges related to a  costly settlement related to its withdrawn Vioxx arthritis  drug, but results soundly beat Wall Street expectations.
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The bank posted a fourth-quarter loss of $11.28 billion, and a loss for the entire year, besieged by investments in U.S. subprime mortgages. It said it expected more problems in 2008.
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Wachovia Corp , the  fourth-largest U.S. bank, on Tuesday said quarterly profit fell  a larger-than-expected 98 percent, hurt by write-downs relating  to turmoil in mortgage and credit markets.
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H&R Block Inc. , the largest U.S. tax preparer, posted a fourth-quarter loss on Thursday, as the deterioration of the U.S. subprime market hurt the value of its mortgage business.
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Countrywide Financial Corp ,  the battered mortgage lender being acquired by Bank of America  Corp , posted a $422 million fourth-quarter loss on  Tuesday, hurt by mounting defaults in a sinking housing market.
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Wyeth  on Monday reported a fourth-quarter loss despite strong sales growth of its prescription medicines, as it took another charge of &#36;4.5 billion for costs related to its recalled fen-phen diet drugs.
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Morgan Stanley  on Wednesday posted a stunning fourth-quarter loss after recording a bigger-than-expected $9.4 billion of write-downs and said it sold a $5 billion stake to China Investment Corp to bolster its capital.
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The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures.
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Wachovia Corp , the fourth-largest U.S. bank, on Friday said third-quarter profit fell, hurt by write-downs related to difficult credit market conditions.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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The company posted a wider-than-expected fourth-quarter loss, burdened by a 35 percent jump in its fuel bill.
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NYSE Group Inc.  posted a fourth-quarter profit on Friday, reversing a year-earlier loss, but results were not as strong as some investors had hoped, and its shares fell.
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Washington Mutual Inc  shares fell 13 percent on Wednesday amid concerns that rising residential defaults could be worse that expected in coming months.