Nikkei, Intel, Ambac, JP Morgan Chase
Tech non immunity... Last night, Nikkei -3.4%; Hang Seng -5.4%, largest drop since 9/11.
As predicted, Intel missed and gave lowered forward guidance, stock punished 14% afterhours. Today, semis getting hammered 7%.
Sink or Swim... The #2 US guarantor of municipal and structured finance debt, announced a plan to preserve its AAA rating.
Ambac will strengthen its capital base; by issuing at least $1 billion in equity and equity linked securities and by cutting its dividend 66%.
Ambac stock has declined 76% in the past year and will report a Q4 loss,
after reducing the value of securities by $3.5 billion, CEO Robert Genader was shown the door.
Cut to the Chase... JP Morgan Chase, #3 US Bank, missed the number, Q4 net income -34%; net revenue +7%...
$1.3 billion write down; quadrupled credit loss provision to $1.1 billion. Credit card net income -15% on a higher loss rate.
As predicted, Intel missed and gave lowered forward guidance, stock punished 14% afterhours. Today, semis getting hammered 7%.
Sink or Swim... The #2 US guarantor of municipal and structured finance debt, announced a plan to preserve its AAA rating.
Ambac will strengthen its capital base; by issuing at least $1 billion in equity and equity linked securities and by cutting its dividend 66%.
Ambac stock has declined 76% in the past year and will report a Q4 loss,
after reducing the value of securities by $3.5 billion, CEO Robert Genader was shown the door.
Cut to the Chase... JP Morgan Chase, #3 US Bank, missed the number, Q4 net income -34%; net revenue +7%...
$1.3 billion write down; quadrupled credit loss provision to $1.1 billion. Credit card net income -15% on a higher loss rate.
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