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

To: Smiling Bob who wrote (195681)	4/9/2009 4:17:25 PM
From: ChanceIs	Read Replies (2) \| Respond to of 306849

Meredith Whitney and Today’s Bounce in Bank Stocks By David Weidner Star banking analyst Meredith Whitney is moving financial stocks these days the way former Federal Reserve Chairman Alan Greenspan used to move markets. But the impact of her latest bearish comments were tempered by a couple of complications: profits from a major U.S. bank and skepticism of her analysis. Wells Fargo & Co.’s announcement Thursday that it will post a $3 billion profit for the first quarter — more than the bank earned in all of 2008 and nearly half of its 2007 profit. The pre-announcement sent Wells’ shares up more than 20% and lifted most bank stocks. The move came after Whitney, speaking in Toronto on Wednesday, predicted many banks will not see profits after the first quarter. She also predicted home prices will fall another 30%. Those predictions may be proven prescient, but her assessment of the past has left some of her followers scratching their heads. Whitney said that Bank of America Corp.’s Ken Lewis was the right CEO for the company despite the troubled acquistion of Merrill Lynch & Co. at the end of last year.