This CDS report was written by Markitâs Gavan Nolan European credit indices took their cue from stock markets and tightened today. The Markit iTraxx Europe index gave up most of yesterdayâs gains in a mixed session. Widening credits only marginally outnumbered names that tightened, with banks and autos underperforming. UBS was in focus amid rumours of large trading losses in the fourth-quarter. The Swiss bank has already posted larger losses than any other European bank, and expectations of more to come see it trading wide to its peers. It has failed to participate in the recent financials rally, reflecting the negative sentiment surrounding the bank. Credit Suisse also widened today, though its spreads remain nearly 100bp tighter than its rivals. The differential is somewhat surprising given UBS agreed to government assistance in October and Credit Suisse declined the offer, leaving it with more hard-to-value assets on its balance sheet. UBS is due to report its results on Feb 10.
the risk in BAC seems to be all no win situation... with bac being scutinized for the bank deal merril. All the back debt on their books and BAC didnt clearly disclose it to the investors. nevertheless at 7 dollars i think this is still a buy simple due to the fact all the bad news seems to be out... even though the book value is much less due to the merrill debacle.
I believe Bank of America management was aware of the problems at Merrill but chose not to disclose them. Despite the bad press of late, Bove thinks Bank of America is an "appealing stock" as the Merrill deal strengthened the bank's business
and you're basing this on what information? who are you, abbey joseph cohen or something? unlikely. you my friend, are a ninkumpoop. Go ahead and short it, I hope it blows up in your face so I can laugh in hysteria. Another one bites the dust.
If that were to occur you would be welcoming the s&p with a PE of around 12-15..... S&p would easily fall 25-40% in a few weeks time.....that could easily place a 500 on the s&p.... Would that make it a buying OPPORTUNITY???
Moodyâs on Sunday night downgraded Barclaysâ credit ratings, saying it expected the UK bank to record âsignificant further lossesâ on credit-related writedowns. The credit rating agency downgraded Barclaysâ long-term debt from Aa1 to Aa3 after reviewing the bankâs prospects in the credit crisis.
BAC shares fell sharply Thursday as investors continued selling off shares after the stock fell below $5 a share just yesterday. Already aggressive selling accelerated as many mutual funds have charters that prohibit them from owning shares that trade under $5. Bank of America shares were off 16% in early trade, at $3.95 a share. According to FactSet Research, Bank of America shares last closed under $4 a share in December of 1984.