Some combination of the insurance and bad bank plan needs to be worked out soon before the big banks have to be rescued in a mammoth governmental work-out. These banks are not able to raise new capital by selling debt or even stock to private investors. The most important factor now is to restore confidence in the banking system.
And this kind of news does not help their cause any. Yahoo! Finance
Late today, I decided to pare my position in GXP by selling shares owned in a retirement account at 19.8 but I will keep the larger amount owned in the main account. I am going to try to cut back on some of the duplicate positions that I have in the various accounts.
MetLife reported earnings after the close yesterday of $1.2 versus $1.44 a year ago. MetLife Announces Fourth Quarter and Full Year 2008 Results: Financial News - Yahoo! Finance My sole interest is a position in its floating rate preferred issue, METPRA. I did not see anything in its report that would cause me any concern about being paid my preferred dividends. See, also, Reuters
I do not have a position in Disney but would be interested in buying shares at a lower price. I am not surprised by its disappointing earnings report. The Walt Disney Company Reports First Quarter Earnings: Financial News - Yahoo! Finance CNBC.com MarketWatch Actually, to say I have no position is not entirely accurate. Many years ago, I received as a gift one share of Disney stock from a company called oneshare. Oneshare.com - Buy One Real Share of Stock. Gifts of Disney Stock and More! I still have it in a nice frame and DIS split a decade or so ago after I received that one share so now I have 3 or maybe 4 shares. I am not exactly sure. But this does not really count but I felt a need to mention it. I will deposit the $1.05 a share annual dividend just received and dutifully report that amount on my 1040. But I do believe that the time to buy many of these companies that I like is rapidly approaching.
This is some news that might impact my BMY position. NYTimes.com
I will look at Unum's results more closely tonight. MarketWatch I do not own the stock but have a position in one of its bonds.
I was slightly surprised by the ADP reportMarketWatch Reuters
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