BEHIND THE MONEY: Financial Investors Living in a Land of Confusion
There's too many men...
Too many people...
Making too many problems...
And not much love to go round.
Can't you see this is a land of confusion.
This is how investors in the financials must feel today. Too many analysts making too many calls. Guy Adami and Pete Najarian were pointing out on the Fast Money morning call the multitude of conflicting notes on the banks. The 30% one-week pop in the sector seems to have everyone split as to whether this is the end of a short oversold bounce or the beginning of an even bigger turnaround.
Here's a list of the calls this morning:
-JPMorgan Chase Upgraded to 'Buy' at Bank of America Merrill
-Morgan Stanley Downgraded to 'Underperform' at Bank of America Merrill
-Morgan Stanley May See More Upside Says KBW
-Morgan Stanley Estimates Lowered at UBS
-Goldman Sachs Downgraded to 'Market Perform' at KBW
-Goldman Sachs Estimates Raised at UBS
And the kicker. The replacement at Oppenheimer for the legendary Meredith Whitney started coverage on the financials today. He rates Goldman and Morgan Stanley at 'Outperform' and Bank of America , Citi and JPMorgan Chase at 'Perform'.
Meanwhile, Meredith Whitney, who just started her own firm, told CNBC this morning that 2009 will be a similar year as 2008 for the banks. Not good.
We'll sort through this mess and see who's making the best argument tonight on Fast. (Thanks to FM team member Prasanna Subramanian for suggesting the appropriate Genesis metaphor. Personally, I find 'Paper Late' to be the most confusing Genesis song. What does that mean?)
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