A Big Loss At Wachovia (WB)

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According to Reuters, the net loss for Wachovia (NYSE: WB) was $350 million. The loss available to common stockholders, including preferred stock dividends, was $393 million, or 20 cents per share, compared with a year-earlier profit of $2.3 billion, or $1.20 per share.

Wachovia also said it would reduce its quarterly dividend 41 percent to 37.5 cents per share from 64 cents.

And, of course, the bank will raise money by floating a preferred.

The shares should be bloodied today.

Douglas A. McIntyre