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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: AllansAlias who wrote (50834)	8/21/2002 8:19:21 AM
From: bcrafty	Respond to of 209892

About those financials From cbsmarketwatch this morning: LONDON (CBS.MW) - Dealers were positioning for a better start in New York stock markets on Wednesday, bidding the stock futures higher amid strength in Europe. Bank shares however were coming under early pressure - much of it technical as Citigroup (C: news, chart, profile) last night completed the spin off its Travelers (TAPA: news, chart, profile) insurance business to shareholders. Citigroup slid over $1 in early dealings on Instinet to $34.75 and was last marked around $34.81 in euro trading in Frankfurt. However, shares of J.P. Morgan Chase (JPM: news, chart, profile) were also seeing selling pressure in London in an initial, small trade on Instinet. Volumes were extremely light - meaning the direction is not set. There was little specifically directed on the banks, yet a report in the Financial Times that Saudi investors are pulling billions out of the U.S. and moving into European accounts may weigh. The report, citing an analyst at the Council on Foreign Relations, said Saudis had withdrawn at least $200 billion from the U.S. in recent months. The report raised some scepticism in the foreign exchange market, but it could explain some of the gains in the euro vs. the dollar this year, analysts said. The euro was up slightly vs. the dollar Wednesday at 98 U.S. cents. It crossed $1 earlier this year. Cautious broker comment on the financials with exposure to the capital markets and investment banking continued. Friedman Billings on Tuesday lowered its sales estimates for Citi's investment banking, wealth management, proprietary investing and emerging markets business for the next 12-18 months on the "ongoing market weakness." Morgan Stanley on Wednesday lowered its fiscal third quarter estimates for earnings per share at Lehman Brothers (LEH: news, chart, profile) amid lower expectations for debt underwriting revenue, dealers in London confirmed. The broker lowered is 2002 earnings per share to $4 from $4.31 at Lehman. It maintained "overweight" on the stock, but cut its price target to $69 from $72.