Word: bankes
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Shares of Wells Fargo, which uses a red horse-drawn carriage as its corporate mascot, have risen nearly 200%, to $24 per share, in less than three months. And while the stocks of all banks are up over that period, Wells Fargo's increase is more than double the rise of the KBW Bank Index. As a result, Wells' shares are starting to look pricey - and the bank is still facing tens of billions of dollars more in loan losses in the next two years...
...Analyst Ed Najarian, who follows bank stocks at independent research firm ISI Group, says Wells will weather the current economic crisis better than its rivals, but that investors shouldn't take much comfort in that. "We think Wells' earnings may be lower than expected in the second half of this year as credit losses rise and mortgage-origination revenue declines," says Najarian, who rates Wells shares a "hold." (Watch TIME's video of Peter Schiff trash-talking the markets...
...Medvedev is clearly listening to Kudrin here, suggesting that the government will become much more austere in its spending," said Alexie Moisseev, a chief analyst at Renaissance Capital, a leading investment bank in Moscow. "Maybe this time around the Russian government will become more conservative and balance its budget in a more proactive way." (Read: "Putin to the West: Hands Off Ukraine...
...Vladimir Osakovskiy, strategy and research head at Unicredit Bank, "The major message was that in the future the government will develop the budget using conservative oil price estimates. What we're seeing right now is an effort to clean up the mess." And what analysts will be eyeing with increased interest in coming months is whether the differences over the budget mark a new stage in Russia's most important political relationship: the one between Medvedev and Putin...
Bear stearns was our warning shot. Back in March 2008, when the 85-year-old investment bank collapsed, we didn't yet know how common it would be for a financial firm to be brought to its knees over a panicked long weekend. The Wall Street Journal's Kate Kelly takes us inside Bear's last, dizzying days: the lawyers swarming the sixth floor, the pleading phone calls to investors for emergency billions, the sickening realization that a lifesaving loan from the Federal Reserve would last two days--not 28. Kelly flicks at Bear Stearns' backstory--how its eat-what...