Washington Mutual shares today posted their second straight loss of more than 10 percent, after a UBS report predicted the lender's mortgage-related losses will far exceed WaMu's own forecast.
Shares of Washington Mutual posted their second straight loss of more than 10 percent today, after a UBS report predicted the lender’s mortgage-related losses will far exceed WaMu’s own forecast.
The UBS analyst, Eric Wasserstrom, estimated that WaMu will lose about $21.7 billion from mortgages through 2011, versus the company’s forecast of $12 billion to $19 billion in losses. Wasserstrom cut his 12-month price target on the stock to $8.50 from $11.
WaMu shares fell $1.28, or 17 percent, to $6.25 today. The shares fell 12.5 percent on Friday.
WaMu shares have now fallen nine trading days in a row, dropping 34 percent, and stand at their lowest level since May 1992.
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