DTT Buzz

Banks had seemed to be the means for the decline in the market yesterday and the same is expected of today. One reason for the downturn is Goldman Sachs (NYSE:GS) warned that banks would have to come up with nearly $65 Billion just to square up their balance sheets(Read Goldman Sachs Article). Morgan Stanley (NYSE: MS), one of the largest investment banks in the U.S had reported there second quarter profits were down by 61% (Read Morgan Stanley Article). They came out with earnings that were higher than expected due to increased trading and asset sales.

FedEx (NYSE: FDX) had made a comment that the fiscal environment for 2009 would be difficult to make a profit due to the weak state of the U.S. economy and the amount they would have to pay for skyrocketing fuel prices that have doubled in the past year (Read FedEx Article). FedEx's rival UPS (NYSE: UPS), and others in the shipping business should be feeling the same crunch. This negative information will ultimately be reflected in the market.

Megan Grant