Capital One's Q1 09 results

[arbitragr]

results were worse than expected ... primarily worse than expected credit card losses ... with unemployment numbers increasing more than anticipated

 

again shows the WFC preliminary earnings release was full of it ...

 

results show that things are not as rosy as they seem. dead cat bounce bank rally.

 

A sign of things to come ...

 

 

http://www.reuters.com/article/marketsNews/idUSN2126051420090422

[StubbleJumper]

results were worse than expected ... primarily worse than expected credit card losses ... with unemployment numbers increasing more than anticipated

 

again shows the WFC preliminary earnings release was full of it ...

 

results show that things are not as rosy as they seem. dead cat bounce bank rally.

 

A sign of things to come ...

 

 

http://www.reuters.com/article/marketsNews/idUSN2126051420090422

 

IIRC, WFC is scheduled to be released tomorrow.  Why don't you wait a day before passing judgement?

 

SJ

 

 

[Guest kawikaho]

Hmmmm... I fail to see how a consumer credit card company is beta to Wells Fargo.  I think everyone knows that unused credit lines are being cut by risk averse credit companies, but housing affordability is at an all time high.  Everyone is either refinancing, or buying.  The interest rate spreads are real good for banking, and for the next year, they should stay that way.  I think Wells is going to prop the #'s.  If they don't, holy shit, I'd love to see how the market reacts.

[ExpectedValue]

Hmmmm... I fail to see how a consumer credit card company is beta to Wells Fargo.  I think everyone knows that unused credit lines are being cut by risk averse credit companies, but housing affordability is at an all time high.  Everyone is either refinancing, or buying.  The interest rate spreads are real good for banking, and for the next year, they should stay that way.  I think Wells is going to prop the #'s.  If they don't, holy shit, I'd love to see how the market reacts.

 

If people pay can't pay their credit cards they probably can't pay the loans to Wells Fargo. Probably means that we'll see more write downs on assets.

[bookie71]

People will let credit cards go and pay on mortgage and car.  They have to have a place to live and a way to get to work or job interviews.  Check out www.clarkhoward.com he preaches this almost daily oln his radio show.