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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (364525)	4/4/2008 10:14:19 AM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Got oil?

To: MythMan who wrote (364525)	4/4/2008 10:17:44 AM
From: NucTrader	Read Replies (1) \| Respond to of 436258

My SDS is picking up a little steam...

To: MythMan who wrote (364525)	4/4/2008 10:21:12 AM
From: ldo79	Read Replies (1) \| Respond to of 436258

JP Morgan cuts '08 view on large U.S. investment banks Fri Apr 4, 2008 10:01am EDT (Reuters) - J.P. Morgan Securities cut its 2008 earnings view on large investment banks, citing large loan reserves and higher credit losses, but said it expects sequentially lower writedowns in the first quarter. The challenge for the large banks is the amount of reserve build partly due to uncertainty about extent of economic weakness and how much losses will rise, JP Morgan said in a note to clients. JP Morgan cut its 2008 view on Citigroup (C.N: Quote, Profile, Research) to $1.69 a share from $3.95, saying rising credit losses, further sizable loan loss reserve build and additional writedowns should continue to weigh on earnings. The brokerage also sees further first-quarter writedowns of about $8.0 billion to $8.5 billion at Citigroup resulting from collateralized debt obligations, Alt-A exposure and commercial mortgage backed securities. Lowering its 2008 earnings view on Bank of America (BAC.N: Quote, Profile, Research), JP Morgan said core loan growth was likely to slow in 2008 due to pressure on capital ratios, which would offset benefit from slower expense growth and cost savings from the company's acquisition of LaSalle Bank Corp. JP Morgan expects Bank of America to earn $3.25 a share for 2008, down from its prior view of $4.40. On Wachovia (WB.N: Quote, Profile, Research), the brokerage said it was reducing its 2008 earnings estimate to $3.12 a share from $4.30 due to much higher credit costs, further writedowns and sharply lower investment banking revenue.