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So Far, So…Mediocre
Weak.
Remember last week when I said I expected the market to come off a little bit from the recent buying spree, and that it was healthy for the market to behave in such a way? Well, it did, and it was. I expected the market to (hopefully) bounce up again afterwards. It did.
But until Thursday, it has done so with about as much conviction as a handshake from a crying three-year-old.
The market’s behavior in the past month or so has closely resembled that of the “bouncing ball” experiment that most of us did in science class. Each time the…
6Feb2009 | Oxbury Research | 0 comments | ContinuedKuwait Sovereign Wealth Fund Considering Bigger Citigroup and Merrill Stakes
Struggling U.S. financials Citigroup Inc. (C) and Merrill Lynch & Co. Inc. (MER) may get another equity injection from state-owned Kuwait Investment Authority (KIA), the fund’s managing director told Reuters.
Their valuations would make it tempting – as both firms are trading near their 52-week lows – but Bader al-Saad said it’s more about the companies’ plans for recovery.
“In Citi or Merrill, if there is good opportunity, we will look into it. Do we increase our stake? It all depends on the performance and strategy,†Saad said when asked whether KIA might raise its stakes in both troubled U.S. banks.
In January,…
4Jun2008 | Money Morning | Comments Off | Continued
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