Word: price
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...putting too much faith in the bank management's ability to gauge future loan losses, something no major bank has gotten right during this downturn. And if there's even a bit of disappointment, Wells Fargo shares have further to fall than its rivals. The stock trades at a price-to-book multiple of 1.6; JPMorgan, another bank deemed to be in relatively good shape, has a price-to-book of just 1. On earnings, Wells trades at 16 times its expected bottom line this year. That's better than even Goldman Sachs, which has a price-to-earnings multiple...
...problem loans may help in the near term, we still expect losses to exceed management's expectations," wrote analyst Paul Miller, who follows banks at FBR Capital Markets, in a recent report to clients. Miller, who rates Wells' shares "underperform," expects Wells' stock to fall by half its current price to $12. "Given our macro outlook ... we just can't get comfortable with Wells' balance sheet...
...these hopes float on the audacity of deficit spending. By the time taxpayers are done cleaning up the books of the two companies and refilling their tanks with enough cash to keep them going - along with their finance arm, GMAC, and their key suppliers - the public price tag will exceed $100 billion. Add billions more in subsidies for researching and developing green technology and still more billions in tax credits to motivate buyers to go green. If someday GM and Chrysler become consistently profitable, the government loans will be repaid and both companies restored to total private control. The operative...
...manuscripts and costumes Marceau left behind when he died at the age of 87 in September 2007. "We have 4,200 over here - certainly an original Marceau merits another bid!" prodded auctioneer Rodolphe Tessier as he stoked the bidding on Marceau's painting The Audience Observing from a reserve price of €800 ($1,080) toward its final sale at €11,000 ($14,850). "Estimating the value of such rare objects as these is impossible - it's the bidding that will determine the price...
...beloved figures. "It's as though you can feel some of what he was about as an artist in some of these paintings and drawings - both those by him and of him," says Emilie Sergent, a 28-year-old art apprentice who furiously noted down the starting and sale price of most of the objects, even though she couldn't afford any of them. "I guess coming here sort of let me feel like I could get inside le mime Marceau's world for the last time before it gets split...