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Earnings Results Analysis Foreclosure Mess Financials bringing down the market? Where is the market going? Next week earnings
Reporting Company Surprise TypePercent surprise Stock Reaction Intel (INTC)Positive4.0%Down JP Morgan Chase (JPM) Positive12.3%Down Google (GOOG)Positive14.2%Up General ElectricPositive5.8%Down
Bove’s Analysis on JPM Oct. 14 2010 http://www.bloomberg.com/video/63696672/
Bove says JPM’s earnings were bad Trading was weak for brokerage division in Q3 JPM used every trick a bank can use to try and beat earnings estimates, so in the end the earnings weren’t that good.
Thinks the Q4 will be bad too. On the positive, book values are going up Credit losses going down Significant increase in earnings in the next 1-3 years.
Major Banks have halted all foreclosure proceedings “Robo Signers” or “Burger King Kids” Hired by banks to speed up the process for foreclosing homes to get them off their books quicker.
Hired walk-ins that were hair stylists, teens, Wal-Mart and fast food workers that knew nothing about mortgages. Causing uncertainty in the financial sector. Could slow down the housing recovery.
Death Cross- A crossover resulting from a security's long-term moving average breaking below its short-term moving average or support level; (aka the death star). Golden Cross- A crossover involving a security's short-term moving average (such as 15-day moving average) breaking above its long-term moving average (such as 50-day moving average) or resistance level. Brokerage Accounts show moving averages Investopedia.com
Will the banks bring down the market? Airtime: Thurs. Oct. 14 2010 | 11:31 AM ET