Premarket look : Wachovia (WB) drags down futures on earnings warning

Posted by Michael on November 9th, 2007

BearIn the premarket futures are trading well down and below fair values following an earnings warning from the banking giant Wachovia Corp. (NYSE: WB).

The company announced in a filing to the SEC today that it is expecting to see fourth quarter losses from loans between $500 and $600 million. During the month of October the company states that it had $1.1 billion of further losses related to the credit turmoil that that the market has been dealing with over the past several months.

The market has been tough all week, and today’s announcement has just added to the insecurity that many traders are feeling. Looking over premarket trading shows a lot of red on my screen at this time. Should be another bloody day to close out the week.

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Posted in Bad News, Before the Bell, Earnings, Economy, Forecasts
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One Response to “Premarket look : Wachovia (WB) drags down futures on earnings warning”

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    June 23, 2008 at 6:07 am

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