Value_278.03.....Change_up 8.49.....% Change_up 3.2%
The Dow Junes REIT index is litle changed at 244 while the Alerian MLP index is up 2 to 235. Oil is down 1 to the 104s on reports about much of the oil capacity being shutdown following the hurricanes.
General Electric (GE), Dow stock & prominent member of the S&P 500 Dividend Aristocrat list, is going though tough times. Their earnings guidance has been reduced and they will end their share buyback program as problems in the financial services divisions are giving them headaches. The stock had reached 60 years ago & only a year ago it was 42, but today it's at 24 near a 10 year low!
•GE Cuts Earnings Forecast, Suspends Buyback on Financial-Services Weakness
General Electric -- YTD
Problems in credit markets abound, with all kinds of ideas being tossed about. It looks like a package will be wrapped up this weekend prior to the opening of Asian markets on Sun evening. That's the target everybody is shooting for. Of course, nobody knows what will be in the package not to mention the big question, how much good it will do?
•U.S. Congress Moves Closer to Bailout Agreement as Bush Urges Swift Action
•McCain Calls for `Putting Politics Aside' to Reach Accord on U.S. Bailout
•Money-Market Rates Rise on Concern $700 Billion U.S. Bailout to Be Diluted
•Bernanke Moves Closer to Interest-Rate Cut as Risks to Economy Intensify
•Credit Derivatives Market Shrinks for First Time With Contract `Tear-Ups'
Meanwhile dreary economic news keep coming:
•U.S. New-Home Sales Declined 11.5% in August to Lowest Level in 17 Years
The post bailout package rally may not last long.
No comments:
Post a Comment