Wednesday, August 13, 2008

BANKS LEAVE A SKID MARK

from yhoo finance

Financials fell 3.0%, which follows the previous session's steep 5% decline. Bank of America (BAC 28.93, -2.20) tumbled 7%, with media reports indicating that several states are suing Countrywide Financial, which the banking giant recently acquired, over Countrywide's lending practices. In addition, Lehman Brothers (LEH 15.71, -0.50) had its earnings estimates cut at Deutsche Bank, while Goldman Sachs (GS 165.12, -2.18), Morgan Stanley (MS 40.17, -2.33) and Lehman Brothers were downgraded to Underperform at Merrill Lynch.

Oil inventories drop...prices rally....I wonder about this report being very accurate.....more people telling me biz sucks....cept guys working on foreclosures...not all is gloom...but beware the bear is here...til he's gone....Olmypic hero Phelps hails from B'more....yeah!

D

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