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  #39 (permalink)  
Old 09-25-2008, 11:18 PM
drunkguy drunkguy is offline
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yea, notice how i don;t talk about some of those other picks
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  #40 (permalink)  
Old 09-26-2008, 12:36 PM
Bostongambler Bostongambler is offline
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All you need is one strong one dg..lol
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  #41 (permalink)  
Old 10-07-2008, 10:49 AM
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In the meantime, the market has been left to contemplate Bank of America's (BAC) surprise third quarter earnings report after yesterday's close in which it fell well short of estimates, cut its dividend by 50%, and said it aims to raise $10 billion in new capital as it works to offset rising credit losses.

fuck...
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  #42 (permalink)  
Old 10-07-2008, 11:03 AM
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Bank of America Misses, Cuts Dividend
Last Update: 07-Oct-08 08:18 ET


Bank of America (BAC 32.22) investors were hit with a double dose of disappointing news after yesterday's close. The firm first announced earnings results that missed the consensus estimate, amid ongoing loan and credit losses. It then announced it would be slashing its quarterly dividend to help raise capital levels.

The announcements reflect ongoing challenges to the banking industry, which appear unlikely to abate in the near term.

For the third quarter the commercial banking giant earned $0.15 per share on revenue of $19.90 billion. Earnings per share were down more than 80% when compared with the prior year, and down almost 80% from the second quarter. Revenue was up a substantial 21% from the prior year, and down just 2% from the second quarter.

The consensus forecast called for third quarter earnings of $0.66 per share on the back of $20.67 billion in revenue.

Bank of America's earnings shortfall was partially brought on by a significant increase in expense provisions.

Credit loss provision totaled $6.45 billion, up from $5.83 billion in the previous quarter and more than triple one year ago. The allowance for loan and lease losses totaled $20.4 billion, or 2.2% of loans and leases. That was up from $17.13 billion, or 1.1%, in the previous quarter and $9.54 billion, or 1.2%, last year.

Net charge-offs were $4.36 billion, or 1.8% of total average loans and leases. That is up from the $3.62 billion, or 1.7%, in the previous quarter, and also up from the $1.6 billion, or 0.8%, last year.

Nonperforming assets were $13.36 billion, or 1.4% of total loans, leases and foreclosed properties, compared with $9.75 billion, or 1.1%, at the end of the previous quarter, and $3.37 billion, or 0.4%, one year ago.

Bank of America is targeting a Tier 1 capital ratio of 8%, which makes it more than well-capitalized by regulatory standards. To do so, the bank intends to sell $10 billion in common stock as part of an effort to hit that level. The company will also cut its quarterly dividend in half to $0.32 per share.

Bank of America believes it is prudent to raise capital to very substantial levels in the current environment. Higher capital levels will help protect the bank from ongoing credit losses and depressed earnings, while also bolstering liquidity.
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Old 10-07-2008, 07:25 PM
StarnetGypsy StarnetGypsy is offline
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Originally Posted by drunkguy View Post
fuck...
GE closed at $20 today. Get any?
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  #44 (permalink)  
Old 10-23-2008, 06:33 PM
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some Merck news...still like them longterm, the Gardasil vaccine seems to be getting a leg up, they just laid off 8000 people (great for the bottom line) and expanding aggressively into the Indian market...


Quote:
Merck eyes big shares of Indian vax market - FierceVaccines
October 23, 2008 — 8:32am ET | By John Carroll

Merck is positioning itself to become the largest vaccine player in the Indian market by 2013. And it's concentrating on rolling out vaccines for cancer, rotavirus and shingles as soon as they become available.

"We plan to launch the latest products from our global stable at a relatively faster pace. While the lead time for MNCs to launch their novel drugs in India is 17-20 years after the US or European launch, we will look at near concurrent launch in India," said Anjana Narain, director (vaccine), MSD Pharma, the wholly-owned Indian arm of Merck. According to the Economic Times, Merck has two vaccines in the Indian market--Pneumovax 23 and the recently-launched Gardasil.

The Indian vaccine market has been growing at a rate of 25 percent to 30 percent a year.
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