(Bloomberg) -- U.S. stocks wiped out their gains for
the week after Bear Stearns Cos. had its credit-rating outlook
cut and concern grew the pace of takeovers may be reduced by bond
market losses.
Bear Stearns Cos. fell for the 14th time in 15 days after
Standard & Poor's said declining prices for mortgage-backed
securities may reduce earnings. Countrywide Financial Corp. and
CIT Group Inc. led financial shares to a year low after American
Home Mortgage Investment Corp. told staff it will shut down.
Network Appliance Inc. declined to the lowest since 2005 after
the data-storage computer maker's profit missed its forecast.
Read more at Bloomberg Stocks News
the week after Bear Stearns Cos. had its credit-rating outlook
cut and concern grew the pace of takeovers may be reduced by bond
market losses.
Bear Stearns Cos. fell for the 14th time in 15 days after
Standard & Poor's said declining prices for mortgage-backed
securities may reduce earnings. Countrywide Financial Corp. and
CIT Group Inc. led financial shares to a year low after American
Home Mortgage Investment Corp. told staff it will shut down.
Network Appliance Inc. declined to the lowest since 2005 after
the data-storage computer maker's profit missed its forecast.
Read more at Bloomberg Stocks News
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