Market Update – 1:15 pm
The morning has been quiet. Trading has been in a very tight range as traders are once again waiting for someone to blink.
Ford (F) is getting hit hard as they lowered their earnings guidance and are shutting down some production lines due to the weak auto sales.
Some other items:
Ford (F) S&P HAS REVISED OUTLOOK TO NEGATIVE FROM STABLE
- Does not forsee revising F’s outlook back to stable in 2008
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FED’S BRAUNSTEIN: URGES LENDERS TO WRITE DOWN MORTGAGE PRICIPAL, HOUSING IS BAD AND GETTING WORSE
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US SENATE APPROVES PLAN TO EXTEND UNEMPLOYMENT BENEFITS
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S&P LOWERS 70 RATINGS ON 18 US CDO OF ABS AFFECTING $12.3B
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(US) NOAA: SEES NEAR OR ABOVE NORMAL 2008 HURRICANE SEASON, EXPECTS TWO TO FIVE MAJOR HURRICANES
- 2008 season will produce 12-16 named storms and 9-16 hurricanes. Sees 65% chance of an above normal hurricane season.
- Reminder: On 4/09, Colorado state forecasters predicted 15 tropical storms, 8 hurricanes for 2008 Atlantic season, forecast for 2008 is well above average.
(this is bad for oil prices)
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