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Merrill Lynch will announce a further $6 billion to $8 billion of asset writedowns in its quarterly results this week, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter.
U.S. stock index futures were higher on optimism triggered by Intel's positive outlook, with the tech-heavy Nasdaq showing strong gains, and two major banks posted results that were better than expected, casting some hope that battered financials may be turning the corner.
Wells Fargo, the fifth-largest US bank, said Wednesday first-quarter profit fell, hurt by deterioration in credit quality.
Now that we are starting to get into the heart of earnings season, the news is looking a little better (thank heavens!). Intel is a big help, but the financials are the key here. After what happened with GE and Wachovia.
The afterglow from Intel's earnings news should be an early bright spot for stocks Wednesday, a day that will be ruled by earnings news.
Several U.S. regional banks reported better-than-expected quarterly results Tuesday, and expressed confidence they could withstand soaring credit losses as the nation's housing market and economy slump.
The options market can provide clues to future stock movements. Rebecca Darst, equity options analyst at Interactive Brokers, told CNBC on Tuesday what the options market is saying about companies that are set to report this week.
As most investors turn away from financials, there could be a way to make opportunities to the downside, said Randy Frederick, Charles Schwab director of derivatives on "The Call."
A steady stream of downbeat news seemed to leave the market unmoved for most of the week -- until the bluest of the blue chips, General Electric, posted first-quarter earnings that missed Wall Street expectations by seven cents per share, and lowered its full-year guidance.
A double helping of economic data and first-quarter earnings reports will flood the zone next week, but it's the corporate earnings that will drive stocks and give a better picture of where the economy is going. If GE's bombshell earnings miss is an indicator, the news will be as nasty as traders expect.
The floodgates of earnings are about to open. Get all your trades right here!
First Alcoa, then GE missed earnings. This is a rare occurrence, and as a result the Street is changing its mindset. They are expecting more conservative guidance, and looking for places where negative surprises might pop up.
JPMorgan's equities team has said financial stocks will help lead the market higher this year. Today, they held a call on the financial group and say they are still overweight, and they expect it to be one of the better performing sectors.
The uncertainty of the credit crunch even has eternal optimists on the defensive about financials. People like Mike Stanfield, CEO of Kansas City-based VSR Financial.
The stock's down 10% Tuesday. Cramer says it should be lower.
Is Dan Genter playing with fire? The president, chief executive and chief investment officer of RNC Genter Capital Management finds promising stocks -- in the financial and consumer discretionary sectors.
Is it time to jump back into beaten-down financial stocks--or is it still too early? Even the financial giants themselves can't agree.
Goldman Sachs said Tuesday it selectively upgraded shares of some brokers and asset managers, but remains cautious on stocks of regional banks, mortgage and specialty finance companies and real estate investment trusts.
For banks in need of capital, the time to act is "right now," says Cramer.
Citigroup, the largest U.S. bank, plans to hire an outsider to take over its flagging U.S. consumer business, the Wall Street Journal said on Friday.