Crude Hits $121 per Barrel
Sorry about no Pre-Market, had a computer glitch. Futures are down and Wachovia (WB) guided lower:
WACHOVIA HAS CONCLUDED THAT THE COMPANY WILL RECORD VALUATION LOSSES OF $315M ON THE RELATED BOLI ASSETS IN ITS FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2008, WHICH WILL INCREASE THE NET LOSS AVAILABLE TO COMMON STOCKHOLDERS FOR SUCH QUARTER TO $708M, OR -$0.36 PER SHARE
- Although no assurances can be given, Wachovia believes it is possible that certain circumstances may arise that would allow it to realize benefits from these SVAs which would be recognized as gains in future periods. The valuation losses will be reflected in Wachovia’s financial statements which will be included in its 2008 First Quarter Report on Form 10-Q.
FED SETS TWO-DAY REPOS, ACCEPTS $5.25B
FED SETS 28-DAY REPOS, ACCEPTS $20B
I bought WB puts last week when they were upgraded. Yeah, baby!