Markets are pulling back in Asia/Australia, maybe that's better than lower prices in the US. Australian stocks are down over 2% led by lower resource shares, hurt by lower oil & commodity prices. Resources commodities are down typically 5+%. Hong Kong stocks are down 1.7%. HSBC after large loan write-offs causing profits to decline 29% is leading stocks lower. Taiwan stocks are also down 1%. However, Tokyo stocks, at lunch break, are up ¼% & Shanghai stocks are up slightly. Oil is down 1 to 120.
Following up on my Exxon comments, below are earnings estimates (courtesy of Yahoo) for a 76.60 stock:
Exxon Mobil Corp. (XOM)..............................2008........,,...2009
Avg. Estimate__________9.76________10.37
No. of Analysts__________17___________17
Low Estimate__________8.60_________8.25
High Estimate_________11.21________15.64
Year Ago EPS__________7.28__________9.76
The stock doubled in the last 5 years, a nice story followed by the sell-off in the last 3 months:
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