What makes no sense, probably doesn't have any
On Friday, Citigroup shares closed up more than 7% because company lost only $2.5 billion or 54 cents a share, while so-called analysts expected the firm to lose 62 cents a share or $2.9 billions. Revenues were down down 29%.
Today, Bank of America reported that income fell 41% to $3.41 billion, or 72 cents a share. But since analyst consensus estimate was 59 cents a share, those shares rose 3.9% to close at $28.56.
Is that a bad joke or pure craziness? You decide. But please don't rush to buy financial stocks.
Mon Jul 21, 2008 02:07PM by Tony | More in Stocks | Comments (0)
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