Fuinhaz $SPY read for January 22 2013
January 22, 2013 - 9:58am
$SPY a bit lower. Some earning this morning not coming as strong as people believed. And one news in particular have not found a lot of spectators.
Caterpillar $CAT uncovered "deliberate, multi-year, coordinated accounting misconduct" at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wipe out half a quarter's profits.
Caterpillar, the world's largest maker of tractors and excavators, said on Friday it would take a noncash goodwill impairment charge of $580 million, or 87 cents per share, in the fourth quarter of 2012.
I am not sure how the market will react at the open regarding this kind of news, so I am Adding up all the bad news (earnings this morning, and this $CAT fraud scandal) and trying to come up with how the market will react today.
The thing that puzzles me the most is that that everyone knows about this si...Continue reading this article »