Diamonds and Dogs
Big banks performing well. Bank of America (BAC) is up 7% while Goldman Sachs (GS) is up 9%. Both are at one month highs following better than expected earnings. Citigroup started off the week with better than expected earnings. Citi is up 10% for the week. As one analyst put it, the banks are in the best condition in decades. Could be a good sector for 2019.
Ford (F) lowers guidance. Ford is down 6% after saying earnings would come in below their range of $1.30 to $1.50 per share set as recently as late October. Earnings before interest and tax excluding special items will fall 27% to $7 billion despite the CEO reining in rising costs. Ford said slumping sales in China and pricing pressures in Europe were to blame. Plus, the younger generation doesn't want to own cars like their parents. They would prefer to Uber and car services.
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