The markets closed in the red after a crazy short week. Next week the big drug makers report earnings and potential market moving economic data will help make next week interesting again. The XLF (Financial ETF) was unable to break 28.00, closing at 27.20. Noticed that even Microsoft (MSFT) couldn’t hold that spike up on earnings and closed down 0.93% on the day.
New York City Comptroller is suing 26 financial firms that underwrote Countrywide (CFC) stock and bonds. Also suing more CFC officers and global accounting firms. Citigroup (C), JP Morgan (JPM), Goldman Sachs (GS), KPMG accounting and Grant Thornton are among those named in the class action suit.
Treasury Secretary Paulson says the stimulus package may help create 500,000 jobs this year and that checks may be mailed 2 months after legislation is enacted. Tax rebate checks are going to help create 500,000 jobs? Someone want to explain that to me?
Caterpillar’s CEO says he expects to see record results again in 2008 and sees top line sales to be above $50B in 2010. He expects his company’s softer markets to bottom in 2008 and that any U.S. recession will be short-lived. Wait a minute! Isn’t this the same guy that was wailing away last quarter that the U.S. was looking at economic conditions not seen since the Great Depression? Guess he finally got the memo to knock off all that negative talk.
There will be more commentary and charts later and over the weekend.
