Wachovia Corp. was the last of the group to blame poor quarterly results on the unrest in the credit markets, only a day after crosstown rival Bank of America Corp. said its profits plummeted for the same reasons. Ditto New York's Citigroup Inc., the largest U.S. bank.

3M Co. gave in to competitive pressure and said on Friday it would cut prices on its profitable films for LCD television screens. The news sent 3M shares down more than seven per cent.

3M has invested heavily in new plants to make the LCD films, which once carried profit margins around 30 per cent. Demand grew as more people bought flat-panel TVs with ever-larger screens. But prices have come under pressure as TV selling prices have dropped.