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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (113877)	4/1/2008 10:25:03 AM
From: Giordano Bruno	Read Replies (2) \| Respond to of 306849

Premarket: More Write-downs? Let’s Party! Posted by David Gaffen Swiss banking giant UBS AG Monday announced massive write-downs related to bad debt exposure, and its chairman is stepping down. Naturally, this is license for the markets to rally and for investors to buy up securities firms en masse. I am so fired. In premarket trading shares of UBS gained 8.6%, according to Archipelago. U.S. bank Citigroup Inc. was up 4.5% in premarket action, while brokerage giants Goldman Sachs Group and Lehman Brothers Holdings gained 2.6% and 5.1%, respectively. This, even after Lehman said it plans on raising nearly $3.5 billion in the capital markets, and after credit-rating agency Fitch lowered its outlook on the company. “This is symptomatic that the bear market is reaching a bottom,” says Martin Slaney, head of derivatives at GFT Markets in London. “Investors seem to be saying that the worst is over.” Shares of AstraZeneca PLC gained 4%, due to increased concerns about rival drug Vytorin, produced by Merck & Co. and Schering-Plough. AstraZeneca’s Crestor was also boosted by positive clinical study data.