Futures are down substantially as Europe leads the way down. U.K. GDP shrunk by 1.5% and the FTSE dropped below 4000 for the first time since December. Capital One reported to a big loss last night but announced that they will maintain their dividend, how fiscally responsible of them.
Pfizer is in talks to buy Wyeth for $60 billion, Harley Davidson's earnings were down 54% and Schlumberger reported a 17% short fall and will layoff 4000 and warned of a big slowdown for 2009. Sony led Asia down with the report of their first annual loss in 14 years. There is more bad news this morning, but I am running out of ink.
When will the companies that took TARP funds eliminate their dividends? This is getting silly. GE just reported as I write, and the stock is flat, the early comment is that they too will keep their dividend in place.
The weekend is finally upon us and I don't see any kind of rally today, although anything is possible. The market is still playing possum with the 8000 level. When it breaks, I anticipate a big move down. Good luck today and I will see you on twitter.
Friday, January 23, 2009
A Tough Start
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
2 comments:
UT, what are your thoughts about the PPT doing a Resolution Trust like they did for the S&Ls in the late 80s?
Thanks in advance.
zombie
could happen
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