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Old 07-22-2008, 02:46 PM
 
Location: Princeton, New Jersey
937 posts, read 752,943 times
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Wachovia Quarterly Losses Near $9 Billion | U.S. News & World Report
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Old 07-22-2008, 03:51 PM
 
Location: Sandpoint, ID
3,109 posts, read 10,140,731 times
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True. But I just was reading on WSJ.com that Wachovia stock is up 27.4% on the news since investors think this will put them past their biggest problems and move them toward profitability.

This plus BofA's 13% stock price jump means that 4 of 5 of America's top banks are showing signs of having weathered the worst of it....

I'm no analyst, just a lay person who reads up on financial news, but to ME it seems that we have several months of volatility remaining but things are starting to stabilize in sectors that were hard hit for the last several quarters...
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Old 07-22-2008, 04:47 PM
 
Location: Backwoods of Maine
7,338 posts, read 9,339,257 times
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Wachovia and WaMu are both toast. Their stock may rise and dip this summer on thin trading, but the fireworks will begin this fall. Should really be something to watch.

Meanwhile, don't get caught in any sucker's rally. Financials are dangerous right now, and nowhere near putting in a bottom.
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Old 07-22-2008, 05:23 PM
 
3,460 posts, read 5,314,160 times
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Does anybody remember the good old days whena nine billion dollar loss and layoffs in the thousands sent stocks down instead of up?
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Old 07-22-2008, 05:24 PM
 
Location: Great State of Texas
86,067 posts, read 78,597,487 times
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Quote:
Originally Posted by sterlinggirl View Post
Does anybody remember the good old days whena nine billion dollar loss and layoffs in the thousands sent stocks down instead of up?
Yeah..in fact all that bad news today of dismal earnings sent the market up over 100 points !
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Old 07-22-2008, 05:58 PM
 
Location: Sandpoint, ID
3,109 posts, read 10,140,731 times
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Again, forgive me if this sounds really uninformed, but don't massive layoffs normally help a company save billions? Isn't a bloated payroll and too many facilities/branches one of the things that hurts banks?
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Old 07-22-2008, 06:13 PM
 
Location: Princeton, New Jersey
937 posts, read 752,943 times
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Quote:
Originally Posted by Sage of Sagle View Post
Again, forgive me if this sounds really uninformed, but don't massive layoffs normally help a company save billions? Isn't a bloated payroll and too many facilities/branches one of the things that hurts banks?
Actually, it can (as well as putting subsidiaries on the market). Pretty much happened to Ford. They laid off several thousand workers and decided to sell Land Rover and Jaguar. At the time some other company bought, Ford revenues increased by $800 million.
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Old 07-22-2008, 07:53 PM
 
Location: Raleigh, NC
9,043 posts, read 12,224,818 times
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Quote:
Originally Posted by Sage of Sagle View Post
Again, forgive me if this sounds really uninformed, but don't massive layoffs normally help a company save billions? Isn't a bloated payroll and too many facilities/branches one of the things that hurts banks?
If they can still conduct operations with the remaining staff.
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Old 07-22-2008, 08:38 PM
 
Location: Sandpoint, ID
3,109 posts, read 10,140,731 times
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What I saw was WaMu was everywhere...more branches that were at all needed. If I can exit my neighborhood, and I have to choose which bank branch to go to via convenience, that (to me as a business owner) means they're redundant. So I see that economists have unemployment pegged to go as high as 6.5% as jobs are shed for companies to try to turn profitable, but provided that people don't freak out if they actually have to drive 5 minutes to the branches that remained open, they're fine...

Will be interesting to see how much Wachovia and other banks lose in Q3 and Q4 2008 after these cuts...
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Old 07-23-2008, 01:05 AM
 
609 posts, read 2,000,091 times
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Default Wachovia question, need expert

If a person has a Wachovia Securities account, not cash, just equities and no Wachovia stock, just a brokerage account, can this be effected if Wachovia Bank has problems.

I assume that securities held in someones name by Wachovia Securities are safe and far as the equities themselves stand, as far as Wachovia Bank problems go, this should not effect brokerage accounts???????????

Who would be best to simply house investments with less than 3 trades a year?

I understand some have no fees with certain account balances.
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