4:38am ET
Banking, finance, and taxes
Citigroup (C) Won’t Make It
Citigroup (C) is not going to make it, at least not an an independent company. The FT has reported that the head of Goldman Sachs (GS) called Citigroup CEO Vikram Pandit to…
WFC Coverage Page 84
6:48am ET
Economy
Companies Beyond Financial Sector Want Bailout Cash, A Bad Idea (C)(WFC)(NCC)(WB)
Too many mouths to feed. Someone will have to starve. Now that Henry Paulson has $700 billion and some discretion about how to spend it companies from car manufacturers to airlines want…
4:52am ET
Investing
The Shorts Get Out Of Banks And Into Tech (C)(WFC)(WB)(BAC)(MBI)(AIG)(INTC)(MSFT)(ORCL)(DELL)(QCOM)(SIRI)(F)
For the period ending October 15, short sellers got out of most banks and brokerage stocks. That is a shame for them. They could have made a killing this week. The short…
9:46am ET
Banking, finance, and taxes
What The NCC (NCC) Deal Says About Bank Balance Sheets
NCC (NCC) was bought today by PNC in what most people would view as a classic "takeunder" The price of the deal was well below where the shares traded yesterday. NCC’s stock…
7:44am ET
Banking, finance, and taxes
Banks Tank, Yet Most Still Above 52-Week Lows (BAC, C, GS, JPM, MS, NTRS, USB, WFC)
This is obviously one of our ugliest mornings in years with futures trading limit down. What is interesting is that the financial stocks are the most leveraged to this, yet oddly enough…
4:43am ET
Economy
Recession Deepens: Another Five Million Unemployed And Bottom Fishing Becomes An Art
No matter where economists look there is no evidence that a recession in the US, EU, and Asia is doing anything but deepening. The stock markets are the least of it. Some…
6:21am ET
Investing
Wachovia (WB): Being In Banking Gets Worse
It is a good thing Wachovia (WB) will not have to go it alone. It would not make it. Wachovia reported a net loss in the third quarter of 2008 of $23.89…
10:20am ET
Banking, finance, and taxes
A Theory That Wells Fargo (WFC) Numbers Are Bogus (C)(JPM)(BAC)
Analysts often as about "earnings quality". How accurate are quarterly numbers? Are they being "managed" to make a company’s fortunes appear better than they actually are? The question has come up in…
9:14am ET
Investing
Warren Buffett’s Likely New Personal Investments (BRK-A, WFC, GE, GS, KO, KFT, NKE, BNI)
The New York Times has a new writer, at least for a day. Warren Buffett has written an op-ed piece for the paper titled "Buy American. I Am." to shore up some…
9:37am ET
Banking, finance, and taxes
Financial Stocks: No One Believes Paulson (UBS)(MER)(C)(BAC)(MS)(WFC)(JPM)
Henry Paulson seems like a very large and old Eagle Scout. He would never mislead, at least not on purpose. He gave the impression as he announced that Treasury would dump $250…
2:42am ET
Media
Media Digest 10/16/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, Swiss banks are getting large amounts of capital to fight the global credit crisis. Reuters reports that AIG (AIG) is lobbying to loosen government oversight rules. Reuters reports that…
9:57am ET
Investing
The “No Reward” Stock Market (INTC)(JPM)(WFC)
Good deeds should be their own rewards, but in the stock market that it not entirely true. Good earnings, especially in a harsh world, are supposed to yield shareholders something. In the…
7:39am ET
Banking, finance, and taxes
Wells Fargo Living Up To “AAA” Ratings (WFC)
Wells Fargo & Company (NYSE: WFC) is following Jamie Dimon’s lead this morning with better results than other banks. The only "AAA" rated bank posted $0.49 EPS vs. $0.41 estimates. Revenues were…
Douglas A. McIntyre 11:52am ET
Banking, finance, and taxes
Wells Fargo Looking More and More Like The Old Citigroup Model (WFC, WB, C)
Wells Fargo & Co. (NYSE: WFC) is the latest of the banking giants to look like the old Citigroup Inc. (NYSE: C) business model. This became the case with the acquisition of…
5:07am ET
Investing
Can The Market Rally For A Week? It Needs To (PEP)(JNJ)(INTC)(WFC)(JPM)(MS)
A big up day in the market, say 4% or 5%, is not a rally, at least not any more. The DJIA has proved that it can move 1,000 points from bottom…