Seattle

WaMu Hit With Downgrades as it Tries to Reassure Investors 

In trouble? Preannounce earnings — it’s an age-old Wall Street strategy designed to shock investors out of a (usually downward) funk. Troubled thrift Washington Mutual [stock WM][/stock] dialed up the play out of its financial playbook late Thursday, updating investors on third quarter performance in an attempt to slow investor concern over a quickly souring mortgage portfolio.