sigh. i see the SGH indicator is in full effect already. my dear lady, when will you be back? lemme know so elfie can scuttle for some shares then. hahahaha. have fun! :))))
Dow crashed again last night on inflation fears as well as no more upcoming goodies from the Fed
Banks See Bigger Loan Losses in 4QWednesday December 12, 4:38 pm ET By Ieva M. Augstums, AP Business Writer
Wachovia, PNC and BofA Roll Out a Parade of Bad News About Writedowns, Results
More troubling news erupted from the financial services sector Wednesday as Wachovia, PNC and Bank of America warned of bigger-than-expected writedowns and hinted that fourth quarter results could be a disappointment.
Wachovia Corp. doubled its estimate of loan loss provisions to about $1 billion for the fourth quarter, while the chief executive of crosstown rival Bank of America Corp. pointed to higher writedowns and said he expects current credit market turbulence to extend into 2008.
A third major bank, PNC Financial Services Group Inc., said the money it will set aside to cover bad loans for the last three months of the year will be more than twice as large as in the third quarter.
The disclosures come as a number of the nations' banks have forecast increasing credit losses in the wake of last summer's subprime mortgage crisis.
In a filing with the Securities and Exchange Commission last month, Charlotte-based Wachovia had said it expected to record a loan loss provision in the fourth quarter between $500 million and $600 million.
In a discussion with financial analysts Wednesday in New York, Wachovia's chief executive Ken Thompson said fourth quarter losses from commercial and consumer mortgages, leveraged finance and structured products, including subprime-backed mortgage securities, had reached about $1.4 billion, similar to the level seen in the third quarter.
Thompson said the updated fourth-quarter writedown estimate "will position us better as we enter 2008," and he added that he is "comfortable" that his bank will "grow earnings" in next year, but gave no specific forecast.
In a separate presentation, Bank of America's chief executive Ken Lewis said, "the economy is definitely slowing."
"We expect weak fourth and first quarters, but at this point we are not forecasting a recession," Lewis said. "I think you certainly can assume results will again be quite disappointing."
Bank of America said it expects to take a provision expense of $3.3 billion in the fourth quarter and warned write-downs on collateralized debt obligations could grow, adding to fears the nation's housing and mortgage-lending slump might exact a greater toll than in the wretched third quarter -- when industrywide write-downs topped $46 billion.
On Monday, Bank of America decided to liquidate a privately placed, enhanced institutional cash fund, closing it off to new investors, due to withering losses on complex asset-backed securities.
Last month, bank executives estimated pre-tax CDO write-downs of $3 billion, a $300 million write-down of a troubled investment, $600 million in support for cash funds and $230 million for the Visa settlement with Amex.
"Based on conditions today, we expect those writedowns will be larger than have already been reported -- although obviously we won't know our final numbers until we close the fourth quarter," Lewis said Wednesday. "We will discuss those numbers on the January earnings call."
Bank of America is expected to report fourth-quarter earnings on Jan. 22. Analysts polled by Thomson Financial, on average, forecast a profit of 70 cents a share. Those estimates typically exclude one-time items.
Also on Wednesday, PNC Financial Services said in a regulatory filing that it expects to report fourth-quarter earnings in the range of 60 cents to 75 cents a share, and adjusted earnings will be between $1 and $1.15 a share.
Analysts polled by Thomson Financial, on average, forecast a profit of $1.39 a share for the Pittsburgh-based company.
The company said its adjusted provision for credit losses is expected to be about $110 million in the fourth quarter, up $45 million from the previous quarter.
You are great too.
I'm still waiting this SGX MBL eCW080401 baby to fall below 0.09...
You are right...
:)Actually there should be no blaming at all. Only we are responsible for our own actions.
The market is the market, no matter how it behaves or who is playing in it...
yeah.. green candle is good to thresh.
but most ppl accustomed to misinterprete, they plough on green, thresh on red.. and by end of the day they lose $ then claim that BBs are so bad, the markets are so crazy..
They say green candle is good for financial matters... so I reckon it should be green... hehehe...
I can't see what the color is as it is sting, the candle flickered below my air-con blow..
Wow... That's a real potent candle... What colour candle did you use?... hehehe...
On the other hand, the market usually loves to surprise people who don't believe... hehehe...
So in some ways,
belief in the unbelievable is also a healthy maxim...
be careful sti tmrw morning rally then afternoon sell down. likely pattern. cos the rally shdn't come so fast.
me too love this craze market - full of surprises, bought SGX today @13.90. now Dow at
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-1 14/32
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100 27/32
Yield:4.16%
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9:56:53 AM ET 12/12/2007 
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