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Current DateTime: 12:51:15 14 Nov 2009
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Expiration DateTime: 11/14/2009 12:54:22 PM

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Current DateTime: 12:51:15 14 Nov 2009
LinksList Documentid: 30456179
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Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.
Insight on earnings, with Rick Dreiling, Dollar General chairman & CEO and CNBC's Bob Pisani.
Bob Pisani reports on the trading day from the NYSE.
Bob Pisani reports on the trading day from the NYSE.
Discussing the latest deficit data, with CNBC's Steve Liesman, Rick Santelli & Bob Pisani; Robert Samuelson, Newsweek & ...
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.

Trader Talk

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Aug.19
11:37 AM ET
Tuesday, 19 Aug 2008
Bove's Financials Note: How Bad Will It Get?

On a day when financials are again weak, Richard Bove at Ladenburg Thalman provided his clients with a long (70 pages!) note outlining the problem with the banking industry.

The positives:

- Banks have more capital, more liquidity, more deposits, more loans, better margins, higher net interest income, improving non-interest income, and the likelihood of improving expense control.

Stay up-to-date:

The overwhelming problem, Bove notes, is bad loans: "They are explosive and they show no sign of subsiding."

He notes that non-performing assets are increasing: of 34 banks surveyed in the second quarter, non-performing assets were up by $54 billion, or 189 percent, year-over-year.

The problems are primarily in the real estate sector but the bad credits are now extending out to both the consumer (autos, credit cards) and the commercial sectors.

How bad will it get? His hope is that job loss is relatively moderate in this downturn, and home prices stabilize.

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Financials in the news:

- Citigroup [C  Loading...      ()   ]

- JPMorgan [JPM  Loading...      ()   ]

- Merrill Lynch [MER  Loading...      ()   ]

- Wachovia Bank [WB  Loading...      ()   ]

- Bank of America [BAC  Loading...      ()   ]

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Current DateTime: 01:02:14 14 Nov 2009
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