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What makes no sense, probably doesn't have any

Mon Jul 21, 2008 02:07PM | By Tony

See more in Stocks | Permalink | Email | Comments (0)

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.

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