Movers: UBS, Lehman Brothers, Dell, CSK Auto
UBS AG (UBS) expects a first quarter net loss of about CHF 12 billion, after losses and writedowns of about US$19 billion on U.S. real estate and related structured credit positions. Also says Chairman Marcel Ospel will not seek re-election at Annual General Meeting on Apr. 23. Its board plans to propose ordinary capital increase with proceeds of about CHF 15 billion, to be effected by issuing rights to UBS shareholders. S&P Ratings Services cuts long-term rating by one notch to AA-. Deutsche Bank reportedly upgrades to buy.
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