Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Ticker Shock: Blackstone Goes Whoo-Hoo for WaMu?


Tuesday's top stories and stocks with potential to move.


When I woke up this morning, the Dow futures were well in the green (and they still are as of 8:45 a.m.).

Was it President Bush's address to the nation last night, or just optimism that the bailout deal will soon be passed? And though Asia was a mixed bag, the FTSE and the DAX were still coming up green. Heck, I was an optimist. Minyanville's Why Wall Street Will Never Be the Same

Unfortunately, that lasted about 3 seconds, thanks to General Electric (GE).

General Electric
At 6:30 this morning, GE disseminated a press release: The Connecticut-based behemoth cut its earnings estimates for the third quarter from $0.50-0.54 per share to $0.43- 0.48 per share. Making matters worse, it cranked down its full-year estimate and said it's suspending share buyback.

Apparently, few were impressed; the shares are off about 5% in pre-market activity.

My take: Mr. Immelt should probably start collecting cardboard boxes, because I think he could be in trouble here. He already took a lot of heat when the company missed estimates earlier in the year - remember Jack Welch's comments? Not to mention the fact that the stock is right near its 52-week low.

Where's the stock headed from here? My hunch is that tax-loss selling will take the shares down further. Long term, I like it, but I sincerely believe there will be a better entry point down the road.

What are the pro traders saying about your stocks?
Minyanville's Buzz & Banter- 14 day FREE Trial

< Previous
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos