Merrill Down on Earnings

Merrill Lynch (MER) shares are down 2.37% on Thursday after the brokerage reported worse-than-expected third quarter results. The company has posted a third-quarter net loss -- its 5th-straight dismal show -- of $7.5 billion, on the back of write-downs and losses incurred due to debt securities, reported Reuters. While analysts had expected a loss of $5.01 per share, it stood at $5.58 per share.

According to Dow Jones, Merrill management skirted questions on its exposure to Lehman Brothers' bankruptcy, although chief financial officer Nelson Chai said the bank’s collapse did drive the results in a big way.  

Merrill, which has agreed to be acquired by Bank of America (BAC), said it has decided not to sell a controlling stake in its Financial Data Services subsidiary.

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