The stock market is struggling this morning, especially in the financial sector, as mortgage lenders and other financial giants report their earnings. Today's losses due to subprime writedowns was Merrill Lynch, but others are expected, including Citibank, Washington Mutual and Countrywide, among others. The financial sector is likely to take a hit as more troubled earnings reports come to light.
It is possible to find investing opportunities in the financial sector -- many mortgage lenders are at bargain basement prices -- but it is important to carefully consider. Some companies will be in serious trouble, making their stock merely basement.
» Bond Insurer Bailout Likely from LendingLeaves
So, in order to further "boost confidence" in the market, a bond insurer bailout is being considered. [Read More]
Tracked on: January 24, 2008 9:59 AM | Permalink to Trackback