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Monday proved a dismal day for financial stocks as both executives and ratings got the ax.
Standard & Poor's cut the ratings of three investment banks with the opinion that the outlook for them was mostly negative. S&P lowered Merrill Lynch (MER Quote), Lehman Brothers (LEH Quote) and Morgan Stanley (MS Quote) each by one notch after a review of the sector showed more trouble ahead, but the ratings continue to stay in investment-grade territory.
Merrill fell by 3% to $42.55, while Morgan Stanley dropped 3.5% to $42.75. Lehman plunged 6.8% to $34.30. ...
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