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To: reaper who wrote (204083)	11/12/2002 11:15:41 AM
From: Win-Lose-Draw	Respond to of 436258

heading for a retest failure, i like it!

To: reaper who wrote (204083)	11/12/2002 11:30:11 AM
From: ild	Respond to of 436258

Basically we are witnessing first stress-test of ABS industry. (and it's not going very well).

To: reaper who wrote (204083)	11/12/2002 11:47:38 AM
From: Roads End	Respond to of 436258

Bill Popejoy? They list him as having been the CEO at Feddie Mac. That true? I could take that addition as both a negative or positive. How do you read it?

To: reaper who wrote (204083)	11/12/2002 8:02:00 PM
From: orkrious	Respond to of 436258

From RMpro Jeff Matthews Softer Side of Sears II 11/12/02 06:54 PM EST Sears (S) was weak all day despite the strong tape. Bear Stearns came out with a lukewarm and cautious "neutral" report this morning, but that doesn't explain the stock being under pressure all day. Importantly, the 10Q hit the wires towards late afternoon, and it is not good reading, in my opinion. Cash flow was very negative--including a higher-than-normal inventory build--and there are a great many moving parts on the credit side. (A friend in the credit markets is looking it over and I will report more in the morning.) In checking with a friend who supplies Sears and other retailers, he tells me they are really screwed up operationally, and the headquarters in the Chicago suburbs resembles the Pentagon ("They hand you a piece of paper with coordinates and a map: you walk a half a mile to find the guy. It's incredible.") Another retailing executive who cut her teeth on rescue efforts at similarly failing, high-cost operators, told me "they know they've got problems--they just don't realize how bad they are." More tomorrow.

To: reaper who wrote (204083)	11/13/2002 7:58:07 AM
From: orkrious	Read Replies (2) \| Respond to of 436258

07:46 ET S Goldman downgrades Sears to Underperform (22.70) Citing the company's MasterCard chargeoffs of 13.9% in the Sept quarter, Goldman Sachs downgrades Sears (S) to Underperform from In-Line. Firm believes Sears may have to increase chargeoffs and reserves more than they have modeled in the past.