Reuters

Wachovia joins the club 

Joining the ranks of other Wall Street investment banks — many of whom have already cut their Q3 earnings estimates for their colleagues — analysts at Wachovia Capital Markets decided to join the party, too, according to Reuters: “Seasonal slow markets, reluctant investors, declining valuations in both fixed income and equity, and more marks will highlight a challenging third quarter for the industry,” analyst Douglas Sipkin wrote in a note to clients.