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At 9:11 am ET the stock is trading at $22.51 down $2.19 from Tuesday's close. With the decline, the stock is indicated to open at its lowest level in a week.
The company reported first-quarter net loss of $578 million, compared to net income of $1.31 billion last year.
Loss per share was $0.57, compared to earnings per share of $1.26 per share in the same quarter a year earlier.
Consolidated loss was $177 million, compared to consolidated income of $1.41 billion in the prior-year quarter.
Net revenues declined to $3.04 billion from $7.92 billion in the comparable period a year ago.
The company also announced that its Board of Directors reduced the quarterly dividend per common share covering the period from January 1, 2009 to March 31, 2009 to $0.05 per common share.
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