On Wednesday, a Merrill Lynch & Co. analyst downgraded Countrywide to "Sell," just days after calling it a "Buy," attributing the change to the rapid deterioration of the credit market. Friedman, Billings, Ramsey Group Inc. said Thursday a continued liquidity crunch for more than three months could send Countrywide into bankruptcy.
Asian stocks plunged overnight and European markets fell sharply Thursday as U.S. credit worries continue to spread to other countries.
Asian stocks plunged overnight and European markets fell sharply Thursday as U.S. credit worries continue to spread to other countries.