Wall $treet Folly (Free subscription) | 08/12/2008
Goldman Sachs is taking an over 4 point hit in pre-market trading thanks to a downgrade from Deutche Bank's Mike May and an earnings estimate cut by Opco's Meredith Whitney.....
MarketBeat (Free subscription) | 07/15/2008
Heading into the opening bell, the market is a miasma of malaise as financials look set for another slump, centered on Wachovia Corp. The Charlotte-based institution is off 15% in premarket activity to $8.39 a share after Oppenheimer & Co. analyst Meredith Whitney cut her rating on the company, saying “we fear the company will [...]
Seeking Alpha (Free subscription) | 07/15/2008
Rebecca Engmann Darst co-authored this article. Wachovia (WB) – Meanwhile, the “Grand Guignol” to which we alluded earlier continues apace in the financial space today. Implied volatility in Wachovia options rose 21% earlier today after Oppenheimer analyst Meredith Whitney cut her rating on the stock, calling the outlook for the bank “bleak,” and telling Bloomberg News in no uncertain...
US News (Free subscription) | 07/15/2008
Wachovia's WoesOppenheimer analyst Meredith Whitney cut the North Carolina-based bank to "underperform," blaming too-rosy valuations on the bank's mortgage assets. She called the outlook "bleak" for shareholders.Basically, the bank's current path means losses are rising as assets are shrinking, and as Whitney titled her report, "Shrinking to Grow Historically Doesn't End Well for...
The Australian (Free subscription) | 07/15/2008
... banks are broken." Shares of Wachovia fell US76c, or 7.7 per cent, to $US9.08. Oppenheimer analyst Meredith Whitney cut her rating on the bank's shares, saying losses on the loans on its books and declining asset values had put Wachovia in a tough spot. "We fear that Wachovia simply cannot cut costs fast enough to mitigate capital erosion," Whitney said. The Financial Select...
