Merrill Lynch-MER: Estimates & target lowered to $52 from $59@LEHM Lehman lowered MER's Q1 EPS estimate to ($2.75) from 19c. The firm expects a net P&L write-down of $5B. Shares are Equal Weight rated. :theflyonthewall.com
08:06 EDT GS theflyonthewall.com: Goldman Sachs-GS: Estimates & target cut to $200 from $213@LEHM Lehman lowered GS 2008 EPS estimate to $15.60 from $17.15 citing reduced outlook. Shares are Equal Weight rated. :
Soros calls financial crisis worst since Great Depression-Bloomberg Billionaire George Soros said that despite the rally in stocks after JP Morgan (JPM) agreed to buy Bear Stearns (BSC), he believes markets will fall more this year. Soros also called the current crisis 'the worst since the Great Depression.' Soros forecast that the stock rebound may last anywhere from six weeks to three months and the U.S. will move closer to a recession. In order to avoid a 'super-bubble' in the future, Soros says banks must control their own borrowing and curb lending to certain clients by demanding greater margin requirements on loans and greater collateral
First Fed Financial-FED downgraded to Neutral from Outperform@FBCO Credit Suisse downgraded FED citing credit quality deterioration.
Prosperity Bancshares-PRSP downgraded to Neutral from Buy@RHCO Suntrust downgraded PRSP citing valuation.