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Merrill Slashes Outlook For Banks, Market Slashes Merrill With Write-Down Rumors

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We're snacking this morning on the delicious irony that Merrill Lynch's stock is getting hammered by rumors that it will announce new losses from Alt-A mortgages on the same day that analysts at Merrill Lynch cut their earnings outlooks for several large regional banks, and predicted dividend cuts from Bank of American and Wachovia. It's credit crunch for breakfast!