Speaking of the WSJ's Blog Empire (see below), Tim Annett posting at MarketBeat was yesterday's winner with a walk-off home run*:Here's today's story, also via the Empire, this time Deal Journal:
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....
While Goldman Sachs shares bested many other financials in 2011, Wells Fargo says the company is vulnerable to continued deterioration in the global economy and disruption in capital markets, potentially cutting into revenue generation and returns.With the S&P up a third-of-a-point GS is down ,87% at $93.76.
Wells Fargo downgrades Goldman to “market perform” as it slashes fourth-quarter earnings estimates for big banks in general by an average 31% due to challenging December markets and tightening credit spreads. The latter should hit Morgan Stanley the most....MORE