Stocks dropped sharply Wednesday as oil prices recovered from previous losses.
Larry Fink on Dealmakers
“I do believe we are in the healing process. And, you know, I’m not here to suggest we’ve... a bottom, but I do believe there are opportunities for investors to take advantage of it. As I think I said two months ago, the reserves that we see in money market funds are only growing. We are up to about $140 billion in new money in the last 16 months at BlackRock and this money will need to be put to work. You can’t just be sitting— earning two percent forever.”
- Larry Fink, BlackRock chairman & CEO
Future of Financials
“You started to see in the first quarter losses rise on bank balance sheets. And I estimate that potential losses for banks from these on-balance-sheet loans is going to be worse than the CDO write-downs that they experienced in the fourth and first quarter, prospectively...It's hard to know what the values of what Lehman's carrying on its balance sheets will ultimately be worth.”
- Meredith Whitney, Oppenheimer & Co.
"The only thing the airlines can't lighten is you. Some airlines like Southwest [Airlines] and Alaska [Airlines] have long had policies that if you are too big for one seat, you need to buy another and they'll reimburse you if there are empty seats on the plane. But, weighing passengers, small planes have always mandated that but no major airlines intend to do that in the near-term. Consultant Bob Mann says those airlines have traditionally assumed you and your luggage together weigh on average 220 pounds. Given today's realities, he says you ought to be treated like any freight."
- Jane Wells, CNBC reporter
Stop Trading, Listen to Cramer!
“You know my favorite, and the stock is down today, and I think it’s having a great quarter—is Nordic AmTanker [Nordic American Tanker Shipping]…"
- Jim Cramer, Mad Money host
Cramer also recommends: Novo Nordisk
Maria's Market Message
"Anheuser-Busch shares surging in the extended hours trading session tonight after the company confirmed it has received an unsolicited takeover offer from Belgian's Inbev. The offer worth $65 a share... The brewer says it will evaluate the proposal although Anheuser-Busch is likely to resist a merger."
- Maria Bartiromo, Closing Bell anchor