Before the open this morning, Morgan Stanley (MS) announced fiscal year 4th quarter earnings, which included a $9.4 billion writedown related to mortgage backed securities. This resulted in a loss of $3.6 billion in the quarter or $3.61 a share! …
“We’re cautious about the near term outlook for our businesses as we see dislocation in some of the world’s capital markets has continued.” – David Viniar, CFO, Goldman Sachs, in today’s conference call with analysts Charlie Gasparino reported on CNBC…
It’s been another interesting and volatile day in the stock market. Goldman Sachs (GS) and Best Buy (BBY) both posted strong earnings before the open and the market gapped up 10 points. But investors sold the gap up and the S&P…
Take a look at a YTD Goldman Sachs Chart. Especially zero in on the last 6 weeks (GS 2 Month Chart). Notice the zigging and zagging: After closing around $248 on Wednesday October 31st, Goldman’s shares sold off over the…
With less money to spend on gifts for their families, mothers “pull back on spending for themselves first.” – John Morris, Senior Retail Analyst, Wachovia, quoted in “Retailers Face Ominous Holiday Sign”, The New York Times, Monday December 17 Got…
If you look at a chart of the S&P for the last 6 months, the action is really bearish from a technical standpoint (S&P Downtrend Chart). We had a double top around 1560 (July 19, Oct 9). And now we’ve…
BeSpoke Investment Group put up an interesting post, with fabulous charts as usual, this morning on sector relative performance over the last year. They also included red dots to indicate the four rate cuts (Aug 17, Sept 18, Oct 31,…
After the close yesterday, Citigroup announced that it will provide a support facility for its Structured Investment Vehicles (SIVs), off balance sheet investment vehicles, which will result in its consolidating their assets and liabilities onto its own balance sheet (C…
The last thing of any real interest to me on the calendar for this year are investment bank earnings, which were kicked off today when Lehman Brothers (LEH) reported fiscal year 4th quarter earnings (LEH FY 4Q Earnings Release). Goldman,…
The zig and zags of the last two trading days are just incredible. (1) The market was generally strong heading into the Fed decision after which (2) it crashed. (3) It was up big at the open this morning on the Fed’s Term…