Thursday, October 16, 2008

Market Rally

Another tremendously volatile as the Dow ended up 400 points (+4.68%), after falling 380 early in the session.

Citi announced earnings and suffered its fourth straight quarterly loss. It also forfeited the title of largest U.S. bank by assets and is falling behind in the reshuffling of the U.S. banking system.

It lost $2.8 billion- 60 cents per share- in the third quarter, compared with a profit of $2.2 billion, or 44 cents per share, a year ago. The deficit for the July-to-September period brings Citi's total losses over the past 12 months to $20.2 billion. It closed down about 2% to $15.90.

FAF closed down $1 to a new 52 week low of $20.50. It has gone from $33 to $20 in less then a month. Talk about a haircut. It has to be institutions dumping the shares. It paid its $.22 per share dividend yesterday.

SHLD continues to falter. It did not participate in todays rally and is expensive with a P/E of 18.55. Closed at $60.87. I do not have confidence in this stock/ company and should sell. I believe it drops further from here.

$150 went into JSVAX yesterday.

No comments:

Post a Comment