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Financial stocks pressured, BofA cuts broker estimate

Feb 11, 2008 Market Outlook

NEW YORK (MarketWatch) — U.S. financial stocks were under selling pressure
Monday morning as modest, but widespread losses were felt across the sector.
Brokerage stocks slipped after analysts at Bank of America lowered their earnings
estimates for Goldman Sachs , Morgan Stanley , Lehman Bros. and Bear Stearns .
The analysts said the firms face further subprime-related wrietdowns as well as a
slowing investment banking business. The Amex Securities Broker/Dealer Index fell
0.14%. Meanwhile, the broader measure of financial stocks in the S&P 5000, the
Financial Select Sector SPDR ETF, shed 1.7%.

Top decliners among the financial stocks included American International Group , MGIC Corp and Washington Mutual .
Top gainers were E-Trade Financial , CME Holdings and Countrywide Financial .

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