Analysts forecast bleak third-quarter earnings for banks

Analysts are expecting third-quarter earnings for investment banks, such as Merrill Lynch, Bear Stearns, Goldman Sachs, Morgan Stanley and Lehman Bros., to be down and have therefore cut revenue estimates. "This is likely to be the worst quarter in three years. These stocks have all been rated 'sell' for some time," said Richard Bove, an analyst for Punk Ziegel.

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