Merrill adjusts strategy in bumpy Q3

Merrill Lynch has adjusted the value of some investments suffering from the subprime-mortgage market.
SEP 14, 2007
Merrill Lynch & Co. Inc. today announced it has adjusted the value of certain investments that continue to suffer from the subprime-mortgage market. “The challenging market conditions in certain credit markets that existed during the first half of 2007 have intensified in the beginning of the third quarter,” the New York-based firm said in a filing with the Securities and Exchange Commission. In its SEC filing, Merrill Lynch did not reveal the magnitude of the valuation changes. Merrill Lynch also reported risk exposure to the subprime-mortgage and leveraged-finance origination markets through loans, derivatives and cash positions. Third quarter results will reflect valuation changes for these investments, the firm reported.

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