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Thursday, January 31, 2008

Bristol-Myers: $275 Million in Mortgage Related Write-Downs

by Calculated Risk on 1/31/2008 11:52:00 AM

From Bloomberg: Bristol-Myers Posts Quarterly Loss on Investments (Hat tip NK)

The company wrote off $275 million in investments in the quarter, which could rise to as much as $417 million, said Rebecca Goldsmith, a spokeswoman for the New York-based drugmaker ...

``Some of the underlying collateral for the auction rate securities held by the company consists of sub-prime mortgages,'' the company said today in a statement. If credit and capital markets continue to deteriorate, Bristol-Myers said, it ``may incur additional impairments to its investment portfolio, which could negatively affect the company's financial condition, cash flow and reported earnings.''
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