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Wachovia named a new CEO (from Goldman) and his first act was to announce a surprise loss of up to $2.8bn in the second quarter due to credit-related provisions and legal costs.

The annoucment was made after the market closed so Suntrust, BBT, Wachovia along with the rest of the financials will likely be hit tomorrow.

Wachovia named a new CEO (from Goldman) and his first act was to announce a surprise loss of up to $2.8bn in the second quarter due to credit-related provisions and legal costs.

The annoucment was made after the market closed so Suntrust, BBT, Wachovia along with the rest of the financials will likely be hit tomorrow.

The book value of this bank is approximately $55 and its selling for 37 and change.  Might drop to $34 before making a move higher but its an excellent stock for long term and pays a nice dividend.    We're going to be seeing a lot of banks bite the dust soon and STI will be around to pick up some attractive pieces.  Now is a good time to buy it and hold for a nice double or triple in 36 months.

Singapore: Singapore shares went through another selling spree Wednesday on reports the city state is likely to experience negative economic growth next year.

The Straits Times Index (STI) fell 1.3 per cent, or 22.95 points, to 1,784.01.

The STI was down by 22.51 points at mid-day.

The Singapore Exchange closed with 250 losers against 177 gainers.

Volume totaled 1,126.4 million shares.

The market has failed to sustain mid-morning and mid-afternoon recovery attempts, analysts said.

Profit takers drove prices down as listed companies faced negative economic environment in the coming months, said th

Remarkably, "Big Money" managers surveyed this week by Barron's magazine are unrelentingly optimistic - with 50% saying they're bullish or very bullish about the stock market's prospects through the middle of next year.

Here are some of the survey's key datapoints:

• 62% believe stocks are currently undervalued; 7% think they're still overvalued.
• 70% say stocks will be the best-performing asset class in 2009; 13% favor cash; 11% prefer bonds.
• 21% say financials will lead the way over the next 6-12 months; 17% say energy or healthcare; 1% favor consumer cyclical stocks.
• 10% are bull

Remarkably, "Big Money" managers surveyed this week by Barron's magazine are unrelentingly optimistic - with 50% saying they're bullish or very bullish about the stock market's prospects through the middle of next year.

Here are some of the survey's key datapoints:

• 62% believe stocks are currently undervalued; 7% think they're still overvalued.
• 70% say stocks will be the best-performing asset class in 2009; 13% favor cash; 11% prefer bonds.
• 21% say financials will lead the way over the next 6-12 months; 17% say energy or healthcare; 1% favor consumer cyclical stocks.
• 10% are bull