Inituit; Citigroup; Goldman Sachs; Bear Stearns; Lehman Brothers; GMAC; ResCap; FHLMC; FNMA
Overnight: Hang Seng -1.4%; Nikkei -1.4%; DAX -1.43%; CAC -0.71%; FTSE -0.74%
The Tax Man comes up short... Intuit, maker of TurboTax met its earnings expectations,
but the stock got punked 12%; after its earnings forecast fell short of analysts' expectations.
Coming up short II... Oppenheimer analyst Meredith Whitney warned on CNBC last night
that she believes Citigroup will again need to cut its dividend due to being under reserved.
Coming up short III... According to Sanford C. Bernstein & Co.; Goldman Sachs, Lehman Brothers...
and Bear Stearns may earn 40% less profit than estimated in Q1 because of lower investment banking revenue.
Downgraded... GMAC LLC, the lender partially owned by General Motors Corp.,
agreed to loan as much as $750 million to its residential mortgage unit ResCap.
S&P cut GMAC's counterparty credit rating was to B+/C from BB+/B. The rating on GMAC's Residential Capital LLC mortgage lending unit was cut to B/C from BB+/B.
Downgraded II... Freddie Mac FHLMC and Fannie Mae FNMA both downgraded to sell from Neutral at Merrill Lynch.
The Nattering One muses... yesterday soothing to hear the Russians might be buying FNMA & FHLMC debt.
Short options will be the only thing the Russians, much like Merrill analysts, will be buying for the GSE's...
which were doomed by the "economic stimulus bill" loan limit increases.
The Tax Man comes up short... Intuit, maker of TurboTax met its earnings expectations,
but the stock got punked 12%; after its earnings forecast fell short of analysts' expectations.
Coming up short II... Oppenheimer analyst Meredith Whitney warned on CNBC last night
that she believes Citigroup will again need to cut its dividend due to being under reserved.
Coming up short III... According to Sanford C. Bernstein & Co.; Goldman Sachs, Lehman Brothers...
and Bear Stearns may earn 40% less profit than estimated in Q1 because of lower investment banking revenue.
Downgraded... GMAC LLC, the lender partially owned by General Motors Corp.,
agreed to loan as much as $750 million to its residential mortgage unit ResCap.
S&P cut GMAC's counterparty credit rating was to B+/C from BB+/B. The rating on GMAC's Residential Capital LLC mortgage lending unit was cut to B/C from BB+/B.
Downgraded II... Freddie Mac FHLMC and Fannie Mae FNMA both downgraded to sell from Neutral at Merrill Lynch.
The Nattering One muses... yesterday soothing to hear the Russians might be buying FNMA & FHLMC debt.
Short options will be the only thing the Russians, much like Merrill analysts, will be buying for the GSE's...
which were doomed by the "economic stimulus bill" loan limit increases.
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