September 11, 2008 at 14:15 PM EDT
WaMu Plunges on Lowered S&P Outlook
Washington Mutual’s (WM) stock fell about 12.5% in mid-morning trading on Wednesday to $2.03 a share amid fears that the battered bank is facing more trouble ahead as adjustable-rate mortgages reset. The stock plunge followed Standard & Poor’s Ratings Services’ decision to lower its outlook to “negative” from “stable” after Washington Mutual booted CEO Kerry Killinger. The bank’s stock has lost about 95% of its value in the last 52 weeks. “The outlook revision reflects the increasingly challenging housing and mortgage markets and their impact on WaMu’s core mortgage franchise ” S&P Credit Analyst Victoria Wagner said in a ...
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here