Hey Trading Addicts (Guilty),
since you cant stay away from chart and markets this weekend, here is some itneresting reading to do.
Goldman Sachs Mulls Multibillion Dollar Share Sale
April 10 (Bloomberg) — Goldman Sachs Group Inc. is considering a multibillion dollar share sale to help repay a $10 billion government loan, the Wall Street Journal reported, citing people familiar with the matter.
The New York-based company may make an announcement as soon as next week, according to the report. The Journal said the exact amount is yet to be decided and a final decision may depend on market conditions.
Source: GS Mulls MultiBillion Dollar Share SaleIf GS is selling, especially such size, one would imagine that alone could move Dow by hundreds of points. Will have to keep an eye on this story.
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Budget deficit triples to $957 billion for year
The U.S. federal budget deficit rose to a record $956.8 billion in the first six months of the fiscal year after the government stepped up spending to cope with a recession that has depressed tax receipts, the Treasury Department reported Friday.
The deficit is well on its way to the $1.75 trillion — or 12.3% of gross domestic product — that the White House has estimated for the full fiscal year, which ends in September.
The deficit through the first six months is more than three times higher than it was at this time last year. The government has borrowed $1 trillion from the public so far this fiscal year.
In March, the deficit widened to $192.3 billion from $48.2 billion in March 2008. Outlays rose 41% to $321.2 billion from $227 billion, while receipts dropped 28% to $129 billion from $178.8 billion.
Source: Budget deficit triples to $957 billion for year——————————————–
Fed Said to Order Banks to Stay Mum on ‘Stress Test’ Results
The U.S. Federal Reserve has told Goldman Sachs Group Inc., Citigroup Inc. and other banks to keep mum on the results of “stress tests” that will gauge their ability to weather the recession, people familiar with the matter said.
The Fed wants to ensure that the report cards don’t leak during earnings conference calls scheduled for this month. Such a scenario might push stock prices lower for banks perceived as weak and interfere with the government’s plan to release the results in an orderly fashion later this month.
Source: Bloomberg ——————-
Cape Fear Bank of Wilmington, N.C. fails; 22nd of year
SAN FRANCISCO (MarketWatch) — Cape Fear Bank of Wilmington, N.C., became the 22nd bank failure of 2009 and the 47th of the recession, according to the Federal Deposit Insurance Corp. on Friday. First Federal Savings and Loan Association of Charleston, S.C., will assume all of the deposits of the bank. As of March 31, Cape Fear Bank had total assets of about $492 million and total deposits of $403 million. Cape Fear Bank’s eight offices will reopen Monday as branches of First Federal, the FDIC said.——————-
If you come across something worth while reading, feel free to drop a link in the comment section.
Have a great weekend
Vlad