S&P 500 FINANCIALS INDEX was even. Banks which had been leading the charge up are losing their steam.
Reality is cutting into recent enthusiasm for banks. UBS (UBS), Switzerland's largest bank, had an ugly quarter in Q1. They lost 2B Swiss francs as customers withdrew 23B francs from their wealth unit. They will have more layoffs, bringing the total layoffs to 20% of their former workforce. The stock had been 65, now is just below 11. Banking problems are global, American banks may have similar gloomy problems to report.
•UBS to Eliminate Another 7,500 Jobs as Loss Widens on Flood of Withdrawals
UBS ---- 2 years
The Alerian MLP Index is down 2 to 200, giving back gains from the last 2 days. But the Dow Jones REIT Index is up 2 to 115, bargain hunters are being attracted by the high yields. Junk bond funds are mixed.
Intel (INTC), a Dow stock, reported earnings that beat estimates but gave meager guidance, stock down 60¢. They did say revenue would be flat in Q2, some view that as good & others view it as bad. The future of the PC market is in question. Sales of the new netbooks are strong, but they are low priced. Other computers sales are pretty much lower this year.
- Intel shares fall despite bullish PC predictionAP(Wed 10:07am)
Dow will need significant help to break thru 8K. It won't be coming from Q1 earnings reports.
Dow Jones Industrials --- 1 month
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