Tuesday, December 2, 2008

Send in the Clowns: Citigroup Slashes Estimates and Price Target on Bank of America

We last swiped the line "Like a Gang of Clowns in a Pie Shop" in our post '"Like A Gang of Clowns in a Pie Shop": S&P Puts Moody's on Credit Watch (Negative)":
Gleefully purloining Tim Annett's magnificent description* of loser brokers downgrading loser brokers, we present, from Bloomberg:...
...*Mr. Annett was an uncontested Climateer 'Line of the Day' winner 27Sep07:

Speaking of the WSJ's Blog Empire (see below), Tim Annett posting at MarketBeat was yesterday's winner with a walk-off home run*:

Like a gang of clowns in a pie shop, Wall Street brokerages had a merry old time slapping one another with various downgrades, earnings-estimate parings and price-target reductions in the lead-up to their recent earnings announcements....

*From Wikipedia:
In baseball, a walk-off home run is a home run which ends the game. It must be a home run that gives the home team the lead in the bottom of the final inning of the game...

and is a lock inductee into the Climateer 'Line of the Day' Hall of Fame.
(should we ever get around to creating it)
Today, StreetInsider tells us:
Citigroup Slashes Estimates and Price Target on Bank of America (BAC):

Isn't it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air.
Send in the clowns.
Isn't it bliss?
Don't you approve?
One who keeps tearing around,
One who can't move.
Where are the clowns?
Send in the clowns....MORE

-Words and music by Stephen Sondheim