Friday July 17th Hit Li$t~
First, the market is mixed here early, after GS (amazing ey?) and JPM have reported, focus today now heads toward the next ones stepping up to the plate… Bank of America and Citi on tap, in addition to General Electric. A few small warnings came out yesterday, including one from JPM whose… investment banking fees helped drive a 36 percent rise in quarterly profit, but said, credit quality in consumer mortgages and credit cards was deteriorating faster than it expected (yep yep yep)
1. CIT still floudering (shares and bonds kerplunk)~Seeks Lenders After U.S. Balks at Guaranteeing It’s Bonds
2. Swedebank Swings To $256 million loss on Baltic hit - (SE: SWEDA) It is worth noting Swedbank has more branches in the Baltic countries and Ukraine than it does in its native Sweden.
3. Mattel Second Quarter Proft Rises On Lower Advertising Costs~(seems to still be a decline for Barbie/Ken though, just cannot imagine that)
4. IBM and Google both reported yesterday~IBM boosted it’s 2009 guidance, beat, and was up ah last night~ It seems the street was not as happy with the report from Google and took it down overnight (expected more?)
5. From Mish, we get the latest on our VP Biden~
6. On the CNBC coverage on words from Roubini yesterday( he later released a new statement to clear the air..ha) view….
7. Just coming across ~GE’s second-quarter profit dropped 47% on continued woes at its financial operations, though earnings topped analysts’ expectations. (here we get less bad again)
BAC is out now~Bank of America Profit Drops Less Than Expected on Fee Income …Net income declined 5.5 percent to $3.22 billion, or 33 cents per diluted share, from $3.41 billion, or 72 cents, a year earlier when fewer shares were outstanding, the Charlotte, North Carolina-based bank said today in a statement.
Citigroup Posts 2Q Earnings of $4.3 Billion, or 49 Cents a Share, on Revenue of $29.97 Billion (story developing)
Fallout Begins? Alabama Firm Cites CIT for Bankruptcy
Published: Saturday, 18 Jul 2009 | 5:13 PM ET
An Alabama hardware supplier has blamed financial woes at U.S. lender CIT Group for its bankruptcy filing, in an early sign of the effect a potential CIT bankruptcy could have on millions of small U.S. businesses.
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CIT reaches $3 billion deal with bondholders: Avoides Bankruptcy Sun Jul 19, 2009 6:05pm EDT