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Politics : The Left Wing Porch
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To: Raymond Duray who wrote (4192)2/28/2001 3:40:01 PM
From: opalaprilRead Replies (2) of 6089
 
Investment Banking Firms Sound Alarm

cbs.marketwatch.com

"The depth of the downturn in the stock market is prompting some revision of profits expectations from the big brokerage and investment banking firms.
* * *
At least three brokerage industry analysts on Wednesday sounded the alarm on the Wall Street firms. It was not entirely clear if one event triggered the bevy of cautionary notes, but the Nasdaq composite dropping to a two-year low is clearly behind the negative sentiment.
* * *
As a group, analysts are looking for an average of 11.5 percent earnings per share growth for the investment banks and brokerages, according to estimates tracker First Call. For the first quarter, the analysts on average see profits growth of 7.8 percent."

I am one who thinks a fair measure of this bizarre market is directly traceable to the nutty behavior of brokerage firms in the past few years (and their insane reliance on know-nothing analysts, mindless chart readers, and destructive program trading). So just about the only good thing about this market is to contemplate how many of the brokers who will lose their jobs voted for the Shrub. The economy and the market has tanked with every new Republican administration for the past 50 years.

Wall Street - feed off your young.
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