Wells Fargo pre-announced that it was going to have massively successful earnings - of course, they're not real. The timing was a surprise. Goldman Sachs had good earnings, which were meant to come out in the morning but came out the evening before - again a surprise impact on the market - but then they flipped into capital raising mode before the market knew what hit it. Good earnings, but still need more money somehow. JP Morgan's earnings were decent, and were also released on time. None of this should really be a surprise given the previous posts here.
At the same time, we have the US's largest commercial real estate bankruptcy - GGP. It appears that the company was worth $18 Billion at the peak in April 2007. The CEO mantains they were fine, simply couldn't roll over debt, and stories appear to indicate how this is positive for Commercial Real Estate because of the opportunity to acquire assets at firesale prices. This is true, if the large CRE companies are cashed up and the economy is poised for recovery...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment