Ahead of tomorrow's 2010 Q2 update call, shares of Ritchie Bros. Auctioneers (NYSE:RBA) are taking a hit. Currently shares are trading lower by 9%.
Morgan Stanley (NYSE:MS) downgraded shares of Lexmark (LXK) from equal weight to underweight. Shares of Lexmark are down more than 6.75%.
As the market questions whether RadioShack (RSH) will indeed be taken over by a potential acquirer, shares of the stock are faltering, currently lower by about 5.75%.
Whitney Holding Corporation (WTNY) expects to record a provision for credit losses in the second quarter of 2010 ranging between $57 million and $62 million. The majority of the second quarter's provision expense continues to be related to ongoing issues in the commercial and residential real estate markets in Florida. The provision also reflects an increase in criticized loans during the second quarter in Texas and Louisiana, the establishment of a $5 million reserve for the impact of the oil spill on tourism in Gulf Coast beach communities, and a willingness to capitalize on the increasing opportunities to dispose of problem assets during the quarter and in the near term. Net charge-offs for the second quarter of 2010 are expected to be between $52 million and $57 million.
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