Wednesday, May 20, 2009

Bank of America

It's amazing that BofA is trading up early in Europe after selling $13.5 billion of stock last night after the market close. That's a lot of stock and clearly sends the signal that the banks are out of the woods.


Hewlett Packard reported basically in line but there were some disappointing elements to the quarter- demand is weak, nobody prints any more etc. It looks like the stock will trade down a little today, at least at the open, but not much has changed for the longer term.


Futures are up a little as a welcome long weekend inches closer.


I'm very interested to see what will happen in California now that Schwarzenegger's budget bells and whistles failed yesterday. California needs to get help from somewhere and I don't think New Jersey's deficit problem is much better.

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