Montenegro anuncia redução de IRS nas rendas, isenção de mais-valias e maior dedução à coleta

[acintra]

Continuo a achar que ainda existe muita má noticia para ser divulgada e que quando apresentarem as contas de 2007 vai haver um tombo valente.
Até agora os Bancos centrais aguentam os barcos, mas quando os resultados sairem as injecções de capital´são procedimentos normais para o mercado e não tem qualquer valor adicional.

27/12/2007

By Jonathan Stempel

NEW YORK, Dec 27 (Reuters) - Citigroup Inc may need to slash its dividend 40 percent to preserve capital, and with Merrill Lynch & Co and JPMorgan Chase & Co may write off more than $33 billion of debt this quarter as the credit crunch deepens, a Goldman Sachs & Co analyst said.

"It will be a couple of quarters before the current credit crisis is fully digested by the markets," the analyst, William Tanona, wrote in a report released on Thursday. "Fourth-quarter trading results are likely to be among the weakest we have seen in some time."

Tanona nearly doubled his forecast for projected write-downs, after rising mortgage losses led investors to shun debt they once thought safe but now deem risky.

Financial companies including Bank of America Corp and Switzerland's UBS AG have already announced more than $70 billion of write-offs tied to the credit crisis. Debt losses led to Citigroup replacing Chief Executive Charles Prince with Vikram Pandit, and Merrill replacing Chief Executive Stanley O'Neal with John Thain.

In morning trading, Citigroup shares fell 52 cents to $29.93, Merrill fell 73 cents to $53.81, and JPMorgan fell 49 cents to $44.45. The companies did not immediately return calls seeking comment.

Tanona, who rates Citigroup "sell," said the largest U.S. bank may have to write off $18.7 billion this quarter for collateralized debt obligations. His prior forecast was $11 billion, while Citigroup's own forecast is $8 billion to $11 billion. Tanona boosted his forecast for the bank's fourth-quarter loss to $1.33 per share from 52 cents.

The analyst also said Citigroup may in 2008 cut its quarterly dividend of 54 cents a share, equal to a 7.1 percent yield, to help raise or preserve $5 billion to $10 billion of capital. In November, Citigroup shored up capital by selling a $7.5 billion stake to Abu Dhabi's government.

Tanona said Merrill, rated "neutral," may write off $11.5 billion for CDOs this quarter, up from his prior forecast of $6 billion, as Thain tries to clean up problems now rather than let them fester in 2008. The analyst expects a fourth-quarter loss of $7.00 per share, up from his prior forecast of $1.50.

Brad Hintz, a Sanford C. Bernstein & Co analyst, separately on Thursday predicted a $10 billion fourth-quarter write-off at Merrill, leading to a quarterly loss of $5.10 per share.

Merrill on Monday announced a $6.2 billion capital infusion from Singapore's government and money manager Davis Selected Advisers.

Tanona doubled his forecast for fourth-quarter CDO losses at JPMorgan to $3.4 billion from $1.7 billion. He cut his forecast for fourth-quarter profit to 65 cents per share from $1.04. The analyst rates JPMorgan "neutral."

Analysts on average expect a loss of 61 cents per share at Citigroup, a loss of $4.00 per share at Merrill, and a profit of $1.01 per share at JPMorgan in the fourth quarter, according to Reuters Estimates.

Through Wednesday, shares of Citigroup, Merrill and JPMorgan were down 45 percent, 41 percent and 7 percent, respectively, this year. (Additional reporting by Avishek Mishra in Bangalore; Editing by Dave Zimmerman and John Wallace) ((jon.stempel@reuters.com; +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com

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