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Merrill Lynch (MER Quote) CEO Stanley O'Neal took responsibility for the firm's pathetic third-quarter performance, but investors fled the brokerage sector anyway.
Merrill shares tumbled 5% in midmorning trading after the ratings agency Standard & Poor's downgraded Merrill. The ratings move, which echoed an outlook change on Bear Stearns (BSC Quote) back in August just as that firm was trying to muddle through a liquidity crisis, sent brokerage stocks tumbling just after 10:45 a.m. EDT.
After earlier posting modest losses of 1%-2%, Bear was off 4%, Morgan Stanley (MS Quote) was down 5%, and Lehman Brothers (LEH Quote) was sliding 6% in late morning action. ...
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