According to Reuters, the fuel price increase in China may bolster consumption. Reuters writes that the Fed’s policy on inflation is starting to hurt the housing market. Reuters writes that the Bank…
Citigroup (C) came clean about what everyone with any sense already expected. Write-offs at the money center bank are not over. According to The Wall Street Journal, the "bank will see a…
Wall St. almost always takes the public proclamations of hedge funds and short sellers with a grain of salt. But, some of the recent negative comments about Lehman Bros. may well have…
MGIC Investment (MTG) Money still moving out of bond insurers. Down to $8.75 from 52-week high of $62.94. US Airways Group (LCC) Oil prices up driving airlines down. Company say fuel bill…
From the viewpoint of pessimists, it was just a matter of time. The run-up in financial shares which began in mid-March would be tomahawked by a flailing economy and the leprosy of…
It turns out that Frank Mozilo, head of Countrywide (CFC), was passing out special mortgages to people including two former chiefs of Fannie Mae (FNM). Countrywide did business with the quasi-government operation,…
Douglas A. McIntyre Washington Mutual (WM) More banking concerns. Hammered to $7.12 from 52-week high of $44.19. Bank of America (BAC) Death to all bank stocks. Sees $30.56 from 52-week high of $52.96. National City…
Indevus Pharmaceuticals (IDEV) Bad news on drug trial. Falls to $1.21 from 52-week high of $8.22. Ambac (ABK) Possible downgrade by Moody’s. Drops to $2.45 from 52-week high of $89.33. MBIA (MBI)…
Standard & Poor’s has come out with a report that is actually weighing down on the entire market even though it is sector specific. The ratings agency has cut ratings on several…
Billions of dollars in losses and a falling stock price can cost a CEO his job. Wachovia (WB) announced today that its current Chairman, Lanty Smith, has been appointed interim Chief Executive…
Oppenheimer now puts out a negative report on banks stocks every other day, like clock work. Today’s reports says that money center financial firms "may write off more than $170 billion of…
Banks will post much better earnings as the year goes on. Most of their write-offs are behind them. What else is there on their balance sheets to revise down in value? That…
A series of lawsuits against the board and management of Countrywide (CFC) accuses them of insider trading and not being careful enough in regulating the firm’s lending practices. As is the wont…
Douglas A. McIntyre According to Reuters, UBS (UBS) will cut 5,500 jobs. The company is also selling $15 billion in subprime mortgage paper to Blackrock. Reuters writes that Bernanke says that high foreclosure rates are…
One of the interesting by-products of S&P cutting Countrywide’s (CFC) debt to junk is that Bank of America (BAC) may be frightened witless now about taking over the mortgage banker. According to…
Douglas A. McIntyre 