Tuesday, October 7, 2008

Crashes Don't Happen on Tuesday

Well. The Dow is below 10,000 and Europe is falling apart. If you are not a bank and have some stinky news for the market, this week is a good time to get it out.

  • AMD is getting out of the manufacturing business in a further sign that Intel has won the war of Good Enough
  • Ebay is laying off workers and revving up the acquisition mill in an attempt to get profit growth moving again
  • Software giant SAP lower revenue outlook
  • Netflix lowers subscriber forecast

BofA is a bank obviously and last night they reported a very peculiar quarter. The company, which has been anointed by Government officials as OneOfTheBanksThatWillSurvive. reported 3rd quarter earnings early, missed estimates, cut the dividend in half and announced a plan to sell $10 Billion of fresh equity. This one won't go unnoticed.

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