Current Financial News

Bye, Bye 401k, the DOW hits 10,600

You didn't like your precious savings locked away in your 401K or IRA did you? The DOW continues its fall today, down 300 points and your savings?  Kicked right down the well of Wall Street:

Bizarro's SKF run, up 18% today

Bizzaro SuperfriendsThe UltraShort Financials ProShares (AMEX:SKF) is one of today's biggest winners, up 18% today to $139, it was at $120 when we mentioned it on Monday.

GE isn't just Financial Services

GE, We Pimp Good Things to Life)General Electric Company  (NYSE:GE) shares have dropped 18% in the last 5 days, we all know they have a large financial services division, but the company does a ton of other business that rakes in billions in revenue.  Besides, they Pimp Good Things to Life, did you forget that?

Good Lord, trading on Russia's RTS exchange was halted after a morning plunge of more than 6%. Trading on the ruble-denominated MICEX exchange was also halted. The MICEX index was last down 3.1%.  Trading on both exchanges was halted at 12:10 p.m. On Tuesday, trading was halted after the RTS fell 11.5% and the Micex fell 17.5%.

Lehman's Solar Impact: Look Ma, No Hands

Evergreen Solar Inc (ESLR), JA Solar Holdings (JASO) and SunPower Corp (SPWR) are all feeling the Lehman bankruptcy pain due to their share loans they had with the 'Look Ma, No Hands' global finance innovator.

Oil under $90, Hello JetBlue (JBLU)

JetBlueWith oil trading so low, just about any of the airline stocks could be a great bounce play and the Masters favorite, JetBlue Airways (NASDAQ:JBLU).  JBLU shares are up 6% today and once we get some calm back in the market, airlines stocks could really rally.

Panic means Buy Gold, Oil, and Mining

Flavor Flav GrillWhat U.S. Financial firm will fall next and will nobody save them just like Lehman?  With so much uncertanity we turn to Flav and Mr. T, both lovers of gold with the million dollar question -- Can Gold save us?

Passing on a good article about BofA (NYSE:BAC) buying up Merrill. The two companies have starkly contrasting cultures. Billions of dollars of bad debt remain on Merrill's books, while BofA still faces huge consumer credit losses. And the deal was slapped together in less than two days -- meaning that the two financial powerhouses involved might not know exactly what they are getting themselves into.

Spidey SenseOne word: Panic.  In the constant competition for headlines, page views, and unique visitors, the media's coverage of Wall Street's mess today made everything worse.  People are freaked out.  CNBC's latest headline of 'Worst Day For Markets Since 9/11' just adds fuel to the fire.

Bizarro WorldAmerican International Group, Inc. (NYSE:AIG) is the next big boy to fall, shares are down 62% today.  Lehman is done, and the only play is the opposite, that's right, if U.S. Financials Dow Jones Index is Superman, than Bizarro is the UltraShort Financials ProShares (AMEX:SKF).  These days, it's a Bizarro World.