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This Is Where Financials Test The Lows
The Bank Index is sitting right at its November closing low, and many big names — Bank of America [BAC
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] , M&T Bank [MTB
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] , US Bancorp [USB
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] and others--are already at multiyear lows.
There are two issues:
--Have stocks adequately discounted fourth quarter losses? For example, Bank of America (16 year low today) may still have huge losses buried in the old CountryWide, and even at Merrill, while JP Morgan [JPM
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] will report its first quarter with Washington Mutual (they are expecting it to contribute a small loss) and another quarter with Bear Stearns, which should be slightly accretive. But we don't know.
--Concerns that additional capital raising may be necessary.
What's up with GE? [GE
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Separately, our parent company, General Electric, broke below $15 for the first time since November (the intraday low is $12.58 on November 20th).
What's up?
GE will report earnings on January 23rd. They last gave fourth quarter guidance of $0.36-$0.42 back on December 16-17.
1) Concern that the outlook has weakened since then
2) GE suffering along with other financials
3) Barclays [BCS
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] out with a note overnight, speculating that a large part of the fourth quarter profit (perhaps as much as $0.20) may be due to a tax gain. They also made a comment on credit: "We think Moodys could take their outlook from stable to negative & be in line with S&P. However we think GE's ability to have raised ~$28B of the targeted $45 billion in funding for 2009 is a positive."
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Questions? Comments?
- The Nasdaq has suffered the most from the EU crisis showing there's risk in the usual tech stocks.
- Targeting more Millennials is just one of the items brewing for consumers in the world of spirits.
- It seems many people may need a reminder of how NOT to act on a plane. Here are a few tips.
- Here are some very unusual roadside stops along American highways that might peek your interest.
- How three generations of Americans are dealing with the finances of retirement.
- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
Data is a real-time snapshot *Data is delayed at least 15 minutes
