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...sure, financial firms are no model of health. Goldman expects the financial stocks in the S&P 500 to lose a collective $9 a share. By comparison, health-care companies are expected to earn $11 a share this year. In fact, the losses are so big at some of the financial firms that many market watchers are concerned that some of the largest banks will go bankrupt unless they get significantly more government assistance. Indeed, the government last week released a plan to help boost Citigroup's common equity by $50 billion. It is the third round of financial help...
...first thing to watch for is the S&P 500 to trade flat for three months. While it continues to move down, investors are expecting two or three more quarters of bad earnings. If it spikes up too early, a rally probably cannot be sustained. A flat market at least indicates that investors are becoming more at ease with the economy...
Adding injury to insult, Standard and Poor's reiterated its sell opinion on shares of GM, which are commanding a mere $2.04 a share - about the price of a subway ride in New York City. Observing that the industry is gripped by an "automotive depression," S&P's Efraim Levy added, "We do not foresee an uptick in industry demand before Q4 '09 at the earliest." Chrysler was spared a similar indignity because it is privately held...
...swearing-in of new leadership and debate over development plans in the nearby Silver Maple Forest brought both celebration and contention to last night’s Cambridge City Council meeting. Following the resignation of Vice Mayor Brian P. Murphy ’86-’87 last month, Larry Ward was chosen to fill the vacancy on the council. Councillor Sam Seidel was elected by unanimous vote of the Council—though one councillor was not in attendance—to take over as Vice-Mayor at last night’s meeting. Both were then given...
...Staff writer Eric P. Newcomer can be reached at newcomer@fas.harvard.edu...