Futures up as BofA injects $2B into CFC. Also, the Bank of Japan left its key rate unchanged at 0.50% and has given a boost to Asian markets.
FT reports Home Depot’s sale of its wholesale supply division to PE firms is in doubt due to uncertainty over banks willingness to find the deal. Ford also comments that US economic conditions make its turnaround plan very difficult.
Several big banks made nominal use of the discount window to set an example for others to make use of the liquidity.
CFC upgraded at WCHV. TOL upgraded at JMP. DB downgraded at GSCO.
Oil remains below $70. Ten year note yields 4.67%.
Rockbay News: UBS upgrades MEE to buy on valuation, EXH initiated hold at CITI, JPMS expects PMI spin-off from MO to be announced Aug 29th at shareholder meeting, JOYG upgraded at UBS, UBS cut estimates and Px target following AKE FP earnings,
Vito’s Trivia: Name the movie from its closing line… 1) Louis, I think this is the beginning of a beautiful friendship. 2) Go – proclaim liberty throughout all the lands, and to all the inhabitants thereof. 3) Can you dig it? 4) I hope to see my friend and shake his hand. I hope the Pacific is as blue as it has been in my dreams. I hope.
Yesterday’s Answer: Name the bird… Carmine Bee-eater California Condor Emu