Monday, October 19, 2009

Stock Market Update: Monday, October 19, 2009

Sheesh! I'm gone for a week and the Dow climbs over 10,000, Sterling Financial gets a "cease and desist" order and Bank of the Cascades finally plunges below a dollar a share on news that they believe they can pull a rabbit out of a hat by selling "up to $70,000,000 of its common stock . . . to support its regulatory capital needs and growth and to use the remainder for general working capital purposes." (At their current stock price, any one of us can probably afford to buy them outright!)

But the coolest news should come Wednesday when U.S. Bank announces our third quarter earnings! An article on TheStreet.com pointed out something I didn't realize: "Among the largest 10 banks, U.S. Bancorp is among only three to post profits each quarter for the year ended June 30, along with JPMorgan Chase and Bank of New York Mellon." I'm confident the trend will continue!
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