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Washington Mutual shares continue decline

Post by Marcelene Edwards on Sep. 11, 2008 at 10:37 am with No Comments »
September 11, 2008 10:37 am

Shares of Washington Mutual dipped below $2 a share today as investors question the company’s future.

WaMu stock dropped 23 cents, or 10 percent, to $2.08, after earlier hitting a low of $1.75.

The company’s shares plummeted about 30 percent on Wednesday to a 17-year low of $2.32.

Here’s what The Associated Press is saying:

“Wall Street’s edginess over the fate of major financial firms also was fanned by Lehman Brothers Holdings Inc.’s plans announced Wednesday to sell a majority stake in its investment management unit, spin off its commercial real estate assets and slash its dividend. The nation’s fourth-largest investment bank also said it lost $3.9 billion during its fiscal third quarter.”

The company, like many others on Wall Street, has suffered from bad bets on mortgage securities and other risky assets and has seen its stock price drop about 90 percent this year.

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