Originally published June 9, 2008 at 12:00 AM | Page modified June 9, 2008 at 5:47 PM
PrintWaMu shares tumble further
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.
Seattle Times business reporter
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.
Drew DeSilver: 206-464-3145 or ddesilver@seattletimes.com
Copyright © 2008 The Seattle Times Company
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