K, Bank of America took a bath on their initial 2B investment in CFC, probably one reason they bought the rest for a measly 4B for what was the largest mortgage initiator in the US, and even that sum is in stock... CFC trading down 17% today. Next week will be a BIG week as the majors, C, MER and others start spewing out their loan loss numbers...
Regards,
John
PS - RF Micro, a supplier to MOT and NOK warned, one of the things they said was 'reduced asia demand', so much for the rest of the world holding things up. More and more datapoints falling into place with the AMEX warning in regard to the short term direction of the economy... So much for buy and hold, a lot of these techs gave up a year or in many cases several years worth of gains in a couple of weeks. RFMD was $7.40 in October, so there goes half your money in a few short months! INTC, CSCO, and EMC the same story... I feel pretty good being a trader and avoiding this stuff these days... |
