Credit Suisse (CS) Swings to Q4 Loss, But Stock Moving Higher

Credit Suisse (NYSE: CS) reported a large Q4 loss earlier this morning, citing trading losses and a 3.19 billion Swiss francs ($2.75 billion) writedown related to structured products and buyout loans. The Swiss bank reported a net loss of 6.02 billion francs, or $5.189 billion, compared to a gain of 540 million francs ($465.51 million) in the same quarter last year. The Street was expecting a loss of 4.14 billion francs, or $3.568 billion, for the bank's Q4.

The company also gave a concerning forecast, saying that it no longer expects to achieve its goal of 10 billion francs in revenue as a result of its integrated strategy by 2010, and instead sees this being reached by 2012.

Despite the seemingly negative earnings report, investors appear to be cheering the results today as they may be viewing the results as "not a worst case scenario". On the NYSE, shares of Credit Suisse are currently up about 3% to $26.76.

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