Bounce on IBM, Ignoring Bad News
Market rallied on IBM preannouncement of Q4 earnings...
+24% over last year driven by strong growth in Asia, Europe and emerging countries. But ignored the following...
Sears Holdings lowered its Q4 outlook this morning... CNBC, Citigroup expected to write down $24 billion and layoff 17,000.
M&T Bank with $64.9 billion in assets, profit fell 70% on $78 million write down of CDO collateralized debt obligations tied to mortgages.
Sovereign S&L with $86.6 billion of assets, $1.58 billion in write offs.
#2 U.S. S&L wrote down $600 million of goodwill tied to consumer lending and $180 million for stock investments in FNMA & FHLMC.
+24% over last year driven by strong growth in Asia, Europe and emerging countries. But ignored the following...
Sears Holdings lowered its Q4 outlook this morning... CNBC, Citigroup expected to write down $24 billion and layoff 17,000.
M&T Bank with $64.9 billion in assets, profit fell 70% on $78 million write down of CDO collateralized debt obligations tied to mortgages.
Sovereign S&L with $86.6 billion of assets, $1.58 billion in write offs.
#2 U.S. S&L wrote down $600 million of goodwill tied to consumer lending and $180 million for stock investments in FNMA & FHLMC.
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