Merrill Lynch Shares Drop
Published November 5th, 2007
Merrill Lynch and Co’s stock took a big hit after reports the biggest US brokerage sought to delay billions of dollars of losses on troubled assets by moving them to hedge funds. Shares in the company dropped 7.91 per cent to $57.28. Merrill experienced its biggest drop in 18 years, on Friday morning, before the company said it wasn’t aware of any inappropriate transactions. Its shares have lost about 38 percent so far this year, shaving more than $35 billion off its market cap.
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