(AP) - Stock prices are lower at midday on Wall Street.
Stocks are posting declines today amid concern about writedowns that are looming for financial services firms from credit market troubles. Some of the nation's biggest financial companies will report fourth-quarter earnings next week, including Merrill Lynch, Citigroup and JPMorgan Chase. One report says Merrill Lynch might take a 15-billion-dollar hit from its exposure to soured subprime mortgage investments.
Bank of America has agreed to buy Countrywide Financial for 4 billion dollars. The deal rescues the country's largest mortgage lender but pays less than the company's market value.
The board of Delta Air Lines is expected to decide whether to allow formal merger talks between the carrier and Northwest Airlines and United Air Lines. Delta could ultimately choose to combine with one of the two carriers.
The November U.S. trade deficit rose to the highest level in 14 months. The 9 percent increase to more than 63 billion dollars reflected the rising cost of imported oil.
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