Horses Call Each Other Nags
The Nattering One muses.. so the bottom is in sight? Time to load up on those beaten down financials and buy a house?
Guess again, buying financials now is like buying real estate, your catching a knive falling at terminal velocity, and are going to get cut deep.
Don't believe me? Well, just look at today's ratings shuffle on lowered profit expectations as the Pots Call the Kettles Black...
If things are looking up in this CON-fidence game, then why are the horses calling each other nags?
According to Goldman Sachs: Wall Street banks, brokerages and hedge funds may report
$460 billion in credit losses from the collapse of the subprime mortgage market, or almost four times the amount already disclosed.
Profits will continue to wane, Goldman estimated that residential mortgage losses will account for half the total, and commercial mortgages as much as 20%.
Goldman's, the world's biggest securities firm, own share-price estimate was cut 3.7%at Fox-Pitt Kelton Cochran Caronia Waller.
The research firm also reduced its profit estimates for the world's biggest securities firm for the rest of this year and all of 2009.
Merrill Lynch, the third-largest U.S. securities firm, had its 2008 profit estimates cut by 45% at JPMorgan.
Bank of America, the second-biggest U.S. bank by assets, was downgraded to "sell" from "neutral" at Merrill Lynch.
Lehman Brothers, the fourth-largest U.S. securities firm, had its share-price forecast cut 16% to $70 at Fox-Pitt.
Hattip To Bloomberg.
Guess again, buying financials now is like buying real estate, your catching a knive falling at terminal velocity, and are going to get cut deep.
Don't believe me? Well, just look at today's ratings shuffle on lowered profit expectations as the Pots Call the Kettles Black...
If things are looking up in this CON-fidence game, then why are the horses calling each other nags?
According to Goldman Sachs: Wall Street banks, brokerages and hedge funds may report
$460 billion in credit losses from the collapse of the subprime mortgage market, or almost four times the amount already disclosed.
Profits will continue to wane, Goldman estimated that residential mortgage losses will account for half the total, and commercial mortgages as much as 20%.
Goldman's, the world's biggest securities firm, own share-price estimate was cut 3.7%at Fox-Pitt Kelton Cochran Caronia Waller.
The research firm also reduced its profit estimates for the world's biggest securities firm for the rest of this year and all of 2009.
Merrill Lynch, the third-largest U.S. securities firm, had its 2008 profit estimates cut by 45% at JPMorgan.
Bank of America, the second-biggest U.S. bank by assets, was downgraded to "sell" from "neutral" at Merrill Lynch.
Lehman Brothers, the fourth-largest U.S. securities firm, had its share-price forecast cut 16% to $70 at Fox-Pitt.
Hattip To Bloomberg.
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