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Frontrunning: July 21
- Caterpillar misses revenue estimate by $700 million, and earnings are down 66%, yet stock up almost 10% (Bloomberg)... TD - A modest proposal: why doesn't every company in the S&P liquidate right now? Revenues will go to 0, but so will EPS (yes, unemployment will hit 100%) - as most earnings are estimated to be below 0, the wholesale liquidation of corporate america, yet each company beating their EPS estimates should send the S&P to 100,000. Red pills, get your red pills here.
- UTX chimes in on the industrial renaissance of America (Bloomberg)
- Must read: Some fear Wall Street too heavily influences the New York Fed (WaPo)
- Morgan Stanley's Albatross: Real Estate (WSJ, h/t Gilgamesh)
- Also, Commercial loans failing at rapid pace (Ibid, h/t Ibid)
- Thanks Greenspan V2 - subprime brokers back as dubious loan fixers (NYT)
- Won't hear about these on CNBC: Continental, Southwest post steep losses (WSJ)
- U.K. Insurers stress-tested under V-shaped recession parameters (Bloomberg)
- Deutsche Bank fires its head of investor relations for spying on a dissident shareholder (NYT)
- Denninger savages WaPo defense of Goldman (Naked Capitalism)
- Government dollar (FX Solutions)
- Hedge funds see surge in investment (FT)... TD - It is official, institutional memory caps at 3 months
- Why the banking system won't be emerging from intensive care anytime soon (Telegraph)
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Did Caterpillar announce any new jobs in their forecast?
Jobless recovery, yeah right.
Nope. Further cuts to come.
But "market appears to be stabilizing" which apparently is the new killing it.
The recession is over, hooray!
Too bad, the depression is just getting underway and it's much more fucked
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by Anonymouson Mon, 07/20/2009 - 22:05
#10864 Are they going to assume the roll of the bankrupt Fannie Mae and Freddie Mac? Is the 'Shadow System' taking a bank holiday? WTF! A complete sham. Caterpillar's revenue is down 66% (40-some% last year!) and they have laid off 20% of their employees. BAC upgrades from neutral to buy. thus the stock is up 15% over the past 5 days. GTFO! Caterpillar is completely dependent on the US government's ability to extract $$$ from the tax-payers and foreigner investors and funnel it into projects such as bridges to nowhere. Watching the market over the past week has been excrutiatingly painful. The absolute ridiculousness of it
What? The NY Fed is influenced by Wall Street? Gee, I never saw that comming... I thought Timmy was a stand up guy. What's next, GS front running the market? Say it aint so... I better watch CNBC to get the truth.
WTF! A complete sham. Caterpillar's revenue is down 66% (40-some% last year!) and they have laid off 20% of their employees. BAC upgrades from neutral to buy. thus the stock is up 15% over the past 5 days. GTFO!
Caterpillar is completely dependent on the US government's ability to extract $$$ from the tax-payers and foreigner investors and funnel it into projects such as bridges to nowhere.
Watching the market over the past week has been excrutiatingly painful. The absolute ridiculousness of it all............................................
CIT haulted. Bring in the clowns.
"MARK IT ZERO, DUDE"
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by Anonymouson Mon, 07/20/2009 - 22:05
#10864 Are they going to assume the roll of the bankrupt Fannie Mae and Freddie Mac? Is the 'Shadow System' taking a bank holiday?
We hope CAT's earnings are down 66%. I'm having serious trouble envisioning the SEC disciplining any publicly traded company for cooking the books to paint a rosier picture. Hell, it's almost patriotic.
These soulless, commission-driven, relentless distributors of new REIT offerings (CMBS, RMBS, et al) are back in their heyday. I'd estimate there are tens of thousands of cold calls per day going on right now trying to find brokerages to sell these new piles of junk, based on the number of messages lately.