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Archive for April, 2009

April 29th, 2009

GDP Down For Third Straight Quarter

(Lee Siler) - The U.S. economy shrunk more than expected, according to the Commerce Department. The U.S. saw economic contraction for the third straight quarter, a run not seen since 1974-1975. Analysts had expected the GDP to be down 4.9%, but the number actually came in down 6.1%.

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April 28th, 2009

B of A and Citi May Need More Cash

(Lee Siler) - This morning's financial headlines are being dominated by the spread of the Swine Flu. The Swine Flu, which started in Mexico and has made its way to several U.S. cities, is putting pressure on the financial markets. There have been 150 suspected deaths in Mexico, but none reported anywhere else.

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April 28th, 2009

Chrylser Bankruptcy Imminent

(Lee Siler) - This morning the big news will be the imminent bankruptcy of Chrysler. Talks between Chrysler and potential lenders broke off, which will surely send the once big three automaker to reorganize. The discussion with about 40 hedge funds that hold Chrysler debt stalled, as the funds were holding out for a better deal. Those 40 funds represent about 30% of the debt, while four banks account for the other 70%. The four banks had already agreed to erase the debt they hold for about $2 billion.

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April 24th, 2009

Ford Burns Less Cash Stock Soars

(Lee Siler) - As we get ready to start the last trading day of the week, the market continues to show some resilience. Although, we are still down for the week thus far, stocks are indicating a mildly higher opening on decent news out of Ford.

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April 23rd, 2009

Stocks Reverse as Banks Rally

(Lee Siler) - The market staged and impressive reversal in the midst of a mixed bag of earnings. After trading down triple digits, the Dow Jones and the other major averages rallied mid-day and continued its momentum through the close. After getting pummeled on the open, bank stocks also saw some buying and closed in positive territory.

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April 21st, 2009

Fallout From B of A

(Lee Siler) - Stocks continue to be on the defensive, as the big banks get blasted on credit quality fears. Although Bank of America beat analysts' estimates by a wide margin, Wall Street took no prisoners and punished its stock by 24% yesterday. B of A followed the trend of good earnings out of the money center banks, but like Goldman and Citigroup, good earnings wasn't enough to keep their common stock trading near recent highs.

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April 20th, 2009

B of A follows Trend and Beats Expectations

(Lee Siler) - After six straight weeks of positive gains, the recent rally continues to look a little long in the tooth. However, on Friday it looked like investors were throwing money at some of the worst hit sectors such as retailers, building, leisure and steal. Although I think this is a good sign, I get the feeling that the market is getting a little tired and starting to lose some of its luster.

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April 16th, 2009

JPM Beats, On Deck Citi

(Lee Siler) - J.P. Morgan Chase reported earnings that were down from a year ago, but easily beat analysts' expectations. The company announced earnings for the first quarter of 40 cents a share on record revenues of $26.9 billion. The Street was expecting somewhere around 32 cents. J.P. Morgan Chase, like Goldman Sachs, attributed their performance to increased activity on their fixed income trading desk.

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April 15th, 2009

Intel Beats the Street

(Lee Siler) - Despite a good earnings report out of Intel, their lack of guidance is putting pressure on the market this morning. Intel announced after the close that they easily beat analysts' profit expectations.

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April 14th, 2009

Goldman Surprises the Street

(Lee Siler) - Despite a good earnings report out of Intel, their lack of guidance is putting pressure on the market this morning. Intel announced after the close that they easily beat analysts' profit expectations. And what's more, said that slumping computers sales are bottoming out.

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