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Due to the losses on mortgages, Merrill Lynch (NYSE: MER) is expected to take a big hit to earnings this quarter when it reports on Thursday. Analysts estimate the company may lose $4.57 per share, and the stock could face some more rough weather before it gets through all the financial subprime loan turbulence on its books.
Looking back at past earnings, the stock is not headed in a good direction right now. The stock beat estimates for 11 quarters in a row, but that record turned around last quarter when it reported a 45 cent loss and dropped 9% on the earnings release. With Merrill Lynch looking at a $4.57 earnings hit this quarter, things could get worse before they get better.
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