Washington Mutual has been tagged as the "Bear of the Day" for May 7 by Zacks Equity Research, Chicago. Zacks noted that WaMu had a first-quarter net loss of $1.40 per share, which it termed "abysmal." The loss, which significantly exceeded estimates by Zacks and many Wall Street analysts, "was driven by the elevated level of provisioning ($43.5 billion) during the quarter," Zacks said. Despite a rating outlook boost from negative to stable by Moody's investors Service, Zacks said it remains bearish on WaMu's stock because of a "significant reduction" in its dividends and its restructuring of certain major business operations. The research firm can be found online at http://www.zacks.com.
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