Bear Stearns Taking Additional Writedown
posted 8:03 am Wed November 14, 2007 - NEW YORK
Investment bank Bear Stearns Cos. will take a $1.2 billion writedown in the fourth quarter related to its credit portfolios, Chief Financial Officer Samuel Molinaro Jr. said Wednesday.Molinaro said the writedown will lead the company to post a loss during its fiscal fourth quarter, which ends Nov. 30. Molinaro, presenting at the Merrill Lynch Banking and Finance Conference in New York, said Bear Stearns latest round of writedowns should "suffice" in accurately valuing products such as subprime mortgages and collateralized debt obligations.
Bear Stearns took about $850 million in writedowns during its fiscal third quarter.
Shares in Bear Stearns rose more than 9 percent in premarket trading.
Bear Stearns took about $850 million in writedowns during its fiscal third quarter.
Shares in Bear Stearns rose more than 9 percent in premarket trading.
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