Stocks may open lower, unable to keep Tuesday's rally going: Before the bell: Stocks to open lower as Obama can't sustain Tuesday's rally
Bank of America's (BAC) recently acquired Merrill Lynch said late Tuesday that it lost $15.8 billion in the fourth quarter -- about $500 million more than B. of A. previously estimated. Former Merrill Lynch CEO John Thain testified Tuesday about bonuses paid to Merrill employees before the company was sold to Bank of America Corp. BAC shares gained 2.3% in pre-market trade despite Merrill's loss. BAC shares are slumping over 7% an hour into the open.
Wynn (WYNN) said late Tuesday that it lost $159.6 million, or $1.49 a share, in the quarter. Exclude charges, the company would have earned $7.6 million, or 7 cents a share. Revenue declined to $614.3 million from $711.3 million due to "dramatic deceleration" in gambling revenue. WYNN shares are slumping over 16% about an hour into the open.
Ford Motor Co.'s (F) CEO Alan Mulally and Executive Chairman Bill Ford agreed to a 30% salary reduction this year and the next. Also, all 42,000 U.S. hourly workers at Ford will get yet another round of buyout and early retirement offers as part of its agreement with the UAW. Can this help the automaker during the worst auto sales slump in 26 years? F shares gained 6% in pre-market trade. F shares are gaining over 3% an hour into the open.