Merrill reports loss as subprime write-downs balloon

11:51 am ET Oct 24, 2007

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Merrill reports loss as subprime write-downs balloon

NEW YORK
Merrill Lynch, the nation's largest broker, reported its first loss in
about 6 years, saying bad judgment and weak risk management strategies
forced it to write down almost $8 billion of mortgage and related
assets, well above its own previous estimate.

Amazon shares slide on profitability concerns

SAN FRANCISCO
Shares of Amazon.com slid more than 11% Wednesday morning, giving back
gains made in a sharp run-up the previous day before the company
reported its third-quarter results.

Economic Report: Existing-home sales crater in September on credit
squeeze

WASHINGTON
Sales of existing homes and condos fell 8% in September to the lowest
level in at least eight years as inventories of single-family rose to a
20-year high, further evidence that the credit squeeze in mortgage
markets is hurting home sales, the National Association of Realtors
reported Wednesday.

Nasdaq profit surges on sale of London Stock Exchange stake

LONDON
The Nasdaq Stock Market reported Wednesday that its third-quarter profit
surged, boosted by hefty gains from selling its stake in the London
Stock Exchange.

Market Snapshot: Stocks sink further as home sales fall to eight-year
low

NEW YORK
U.S. stocks fell Wednesday, with the Dow off more than 150 points, as
investors grappled with Merrill Lynch & Co.'s larger-than-envisioned
losses and a sharp drop in existing-home sales, inflaming fears of
economic trouble ahead.