Archive - Apr 20, 2009

A report by JP Morgan analyst Matthew Jozoff is putting the spotlight back on the banks, where lately everything has been seen as rosy to quite rosy. Jozoff disagrees and in fact sees another $400 billion in losses as a result of the continuing credit deterioration, and very likely major new capital infusions needed. Says Jozoff:

A report by JP Morgan analyst Matthew Jozoff is putting the spotlight back on the banks, where lately everything has been seen as rosy to quite rosy. Jozoff disagrees and in fact sees another $400 billion in losses as a result of the continuing credit deterioration, and very likely major new capital infusions needed. Says Jozoff:

Credit markets are extending their widening trend form late Friday today as single-names are underperforming indices for the first time in over a week. The skew (the difference between index and fair-value) is at its tightest in recent times and we suggest that with equity still significantly rich to credit that we will see equity underperform IG credit in the short-term.

Some more invigorating early am thoughts from David Rosenberg on the fate of the rally.

Either way, the test is the key.

Some more invigorating early am thoughts from David Rosenberg on the fate of the rally.

Either way, the test is the key.

Some more invigorating early am thoughts from David Rosenberg on the fate of the rally.

Either way, the test is the key.

It may be time to take some profits on Ford's skyrocketing loans (biggest gainer second week in a row). Several other trends continuing from last week.

Source: LPC Loan Connector

Turner Radio Network out with a shocker on what they claim are the leaked Stress results. We paraphrase and can not vouch at all for the truthfulness of the content:

(Update: signs point to potential scammery here. ZH will try to get bottom of this).

• Oracle buys Sun for $9.50/share in cash (PR)
• Bank Of America earns more in Q1 than in all of 2008.
  

• Must read: How Citi made $2.5 billion betting on its own bankruptcy (Daily Reckoning, hat tip Moo)
• Euro falls to one month low on concern ECB split will undermine recovery (Bloomberg)
• Rattner's Quadrangle caught in yet another funding scandal...
  

Bill Miller is patting himself on the back for "burying" quant funds as this just released Bloomberg article notes: its timely appearance is critical as this is easily the most important theme in the current market dislocation, and thus Zero Hedge will post it in its entirety... Bill, after the worst year in his career, may be careful with the timing of his self-congratulations though...

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