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Thursday, March 27, 2008

Morning News


The Economy grew only at .6% in 4th Quarter 2007.  The economy for the whole year grew at just 2.2%.  

The U.S. Corporate profits fell 3.3% in 4th Quarter!  That is much bigger than the expected .1%.  If profits fell 3.3% in 2007, you can guess where they went in Q1 of 2008.

Write-downs

Oppenheimer analyst Meredith Whitney says Merrill and UBS may lose money this quarter and write-downs could be $6 billion and $11.1 billion, respectively!  Seems like there is only one smart (or honest) analyst out there.  She is usually leading the pack.  Unlike others who come out with their estimates after the write-downs.

She also said yesterday that Citi's writedowns could total $13.12 billion.  

http://www.cnbc.com/id/23823780

Job-less claims

Initial job-less claims fell by 9,000 to 366,000.  



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