How many days, months, quarters, etc. will this ugly bear market continue? It is just as bad as buying dips on Internet stocks in 2000. The FOMC minutes gave a lowered economic expectation for 2009, like we didn't know that was coming. Housing starts were the worst on record, and now inflation is coming down so hard that deflation is the new damnation of the markets. Does it really matter what gets said anymore? No, it doesn't. Gee, were you even surprised that the deterioration into the close only picked up steam and the Dow shed 5% to close below 8,000 as the S&P decided to close at a five-year low? Sorry there is no good news, but this market is no longer a market. Citigroup Inc. (NYSE: C) is trading like it is no longer going to be around as its old self. This is truly ugly and unfair, but then again ... who has been rewarded for defending a financial stock? NO ONE. Shares were down 21% at $6.53 before the close.
E*TRADE Financial Corp. (NASDAQ: ETFC) gave pretty decent numbers considering the current climate, yet it is getting crushed every day along with anything and everything else financial. This one was down 17%at $1.03 right before the close.
Fannie Mae (NYSE: FNM) has been notified by the New York Stock Exchange that it has failed to satisfy the NYSE's standards since its stock traded under $1.00 for 30 consecutive trading days ending November 12, 2008. Shares were down 15% at $0.40 right before the close.
General Motors Corp. (NYSE: GM) was down over 12% at $2.72 right before the close. CEO Rick Waggoner looked like a moron in his testimony today asking for a bailout. He was so unprepared that calling him that is EASILY justified.
Level 3 Communications Inc. (NASDAQ: LVLT) took a corporate debt downgrade from Standard & Poor's Ratings Services. This was going from junk further into junk over a sub-par debt tender from a financing, yet oddly enough the debt downgrade was something stock traders treated as good news at first. Its stock was down 14% at $0.77 right before the close though.
Yahoo! Inc. (NASDAQ: YHOO) got spanked today. Steve Ballmer said that Microsoft Inc. (NASDAQ: MSFT) wants no part in a Yahoo! merger but would still be interested in doing a search deal.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 1)
11-19-2008 @ 5:30PM
Larry said...
not suprising that the ceo looks like a moron.They just thought that they had to show up and get money to bail out all of the companys and unions arogance for the last 20 years or so of greed. They thought that everyone needed a car and that they could cash in on big wage ,pension time off ect. demands. While let them fix it themselfs if they can. Cut back wages,pensions ect.to what most people get and start over with not so greedy ceo's and union presidents. I am sure that they will survive after this wake up call.
11-19-2008 @ 5:59PM
Joe said...
When I heard the average wage for an auto worker in the US was $70.00 an hour, I was astounded! As a public school teacher with 23 years experience I make much less than half of that amount.
11-19-2008 @ 8:05PM
rich forge said...
WAY TO GO RICK! YOU GREEDY A__ H___, NO WONDER PEOPLE HATE GM,ITS PEOPLE LIKE YOU AND ALL YOUR CRONEIES ON THE BOARD THAT PUT GOOD PEOPLES JOBS AT RISK. WHAT THIS COMPANY NEEDED WAS ROSS PEROT.WHEN HE TOLD GM SOME OF THEIR PROBLEMS,ROGER SMITH DIDN'T LIKE WHAT HE WAS SAYING,SO THEY FOUND 763 MILLION DOLLARS TO PAY HIM OFF AND KEEP HIS MOUTH SHUT.HE MUST BE LAUHGING ALL THE WAY TO THE BANK. THANKS AGAIN RICK FOR KILLING THE COMPANY I HAVE WORKED FOR 42 YEARS OF MY LIFE.I HOPE YOU ANDFYOUR GREEDY FRIENDS SLEEP WELL AT NIGHT. YOU SCUMBAG PIECE OF SHIT.
11-19-2008 @ 8:15PM
Terry said...
Not so fast, Joe.....
If you are a teacher with 23 years experience, your salary is probably in the vicinity of $60,000. Add in payroll taxes, health care, pension contributions and disability insurance, and you are probably costing the taxpayers $85,000 per year. If you work 185 days per year like most teachers, @ 7 hours per day, you are making $66 per hour!
Not saying you don't earn it, but that like most people who work for somebody else, you don't realize what you are costing that company (or the taxpayers). You don't make less than 1/2 what the GM workers get.
11-19-2008 @ 9:34PM
Mike said...
If the Govt bails out the company then UAW should collect no dues, wages would be lowered by a third and new mgt would be brought in. In fact the union should be disolved, they have held everyones feet to the fire. The lowest paid of the three is GMS CEO with a salary of 15M, he lost 39 billion in one year I wouldnt let him manage a paper route without oversight.