Articles Written by:    DAVID GAFFEN     

Four at Four: Hail to the Selloff

The markets welcomed the new president with a back-breaking session that saw the Dow Jones Industrial Average close below 8000 for the first time since Nov. 20 of last year. Banking stocks led the way, as big declines in overseas names such as Royal ...

From DAVID GAFFEN, Wall Street Journal,  20 Jan 2009
Related Topics: Dow Jones,  Bank of America,  Royal Bank of Scotland,  Barack Obama,  Freddie Mac

Outlook Muddy for European Debt Markets

This year is virtually guaranteed to bring the issuance of a heaping pile of U.S. Treasury debt. But other nations facing increased borrowing needs in 2009 may not find the investing community as welcoming as it has been to U.S. debt. European bond ...

From DAVID GAFFEN, Wall Street Journal,  20 Jan 2009
Related Topics: Standard Poor's

The Bernanke Swap?

WSJ.com’s inside look at the markets Many pundits have compared the current U.S. economy — weakened demand, ailing banks and falling prices — to Japan’s in the 1990s. So investors should look to Fed Chairman Ben Bernanke’s speeches and writings ...

From DAVID GAFFEN, Wall Street Journal,  20 Jan 2009
Related Topics: Ben Bernanke,  Wall Street Journal,  Barack Obama,  Digg

Inauguration Day, A Good Day for Selling Shares

WSJ.com’s inside look at the markets President Barack Obama shouldn’t be too upset if his words do not inspire the market to rebound and close in positive territory. After all, the day of the inauguration has historically been a lousy one for the ...

From DAVID GAFFEN, Wall Street Journal,  20 Jan 2009
Related Topics: Barack Obama,  Ronald Reagan,  Dow Jones,  Franklin D. Roosevelt,  Wall Street Journal

A Bank Rally Beckons…Someday…

When a sector in the market has been devastated as badly as the financial-services industry, the thesis for recovery comes with numerous conditions attached. In the case of the banks, the list of “ifwhen” provisos are lengthy, and serve as a caution ...

From DAVID GAFFEN, Wall Street Journal,  20 Jan 2009
Related Topics: Standard Poor's,  Bank of America,  Citigroup

Yes, We Can… Sell Bank Stocks

WSJ.com’s inside look at the markets There are many today who will settle in around noon for the inauguration of Barack Obama as the nation’s 44th president, but in the meantime, there are a few bank stocks that need to get their heads handed to ...

From DAVID GAFFEN, Wall Street Journal,  20 Jan 2009
Related Topics: Wall Street Journal,  Barack Obama,  ABN Amro Holding N.V.,  Digg,  Facebook Inc.

Ken Lewis, Citigroup, and Getting Rescued From a Wreck

There are heroes in this country, and then there is Bank of America CEO Ken Lewis. The selling in equities that occurred in the first full week of trading in 2009 was not overly alarming to investors in the wake of a better-than-expected “Santa Claus ...

From DAVID GAFFEN, Wall Street Journal,  16 Jan 2009
Related Topics: Kenneth D Lewis,  Citigroup,  Bank of America,  Merrill Lynch

Betting on Bad Amid Hedge Fund Redemptions

Taking a cue from a strategy that proved profitable in late 2008, some U.S. equities traders say they are getting ready to purchase shares in companies that hedge funds are betting against. The idea, albeit a risky one, is that many of those stocks ...

From DAVID GAFFEN, Wall Street Journal,  16 Jan 2009

China’s Short-Term Treasury Binge

For some reason, many of the market’s long-running hopes and fears revolve around China. Rosy equity valuations for companies expanding into China were justified by the country’s massive population getting wealthier. Economists worried about the U.S.’s ...

From DAVID GAFFEN, Wall Street Journal,  16 Jan 2009
Related Topics: Council on Foreign Relations

Merrill’s Last 18 Months: $40 Billion in Losses

Merrill Lynch & Co. is going out with a bang. When Bank of America, Merrill’s buyer, announced earnings Friday, it provided preliminary fourth-quarter results on Merrill. Merrill’s $15.3 billion loss would have been a massive $9.62 per diluted share, ...

From DAVID GAFFEN, Wall Street Journal,  16 Jan 2009
Related Topics: Merrill Lynch,  Bank of America

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