Wachovia (WB 5.88, -0.21) posted a massive $24 billion, or $11.89 per share, third quarter loss this morning. However, most of the loss was due to a noncash write-down of goodwill, which was expected as part of Wachovia's merger agreement with Wells Fargo (WFC 31.11, -1.53).
A total of 93% of stocks within the S&P 500 are in the red. The biggest percent losers are Coventry Health Care (CVH 14.78, -13.71), SanDisk (SNDK 10.04, -4.72) and General Growth Properties (GGP 3.44, -1.40). Coventry is down 48% after missing its third quarter earnings per share estimates by a wide margin and slashing its 2008 guidance as the health insurer has been pressured by costs and investment write-downs.
Flash memory maker SanDisk is down 32% after Samsung pulled its $26 per share, or $5.9 billion, bid. SanDisk had previously rejected the offer as too low. Samsung now believes the offer too high given SanDisk's weak third quarter and uncertain outlook.
Wednesday, October 22, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment