| StreetInsider.com - Insiders' Edge |  | | FDIC's Data On Problem Banks Is Wishful Thinking | ![]() | Like it was in the second quarter (they left-out WaMu), the data the FDIC is issuing on the problem bank assets in the third quarter is misleading. We all know now that Wachovia (NYSE: WB) was near failure at the end of the third quarter and at the very start of the fourth quarter it was merged with Citi (NYSE: C) then later Wells Fargo (NYSE: WFC). Wachovia's assets base would have easily surpassed the $115.6 billion the FDIC mentioned as the total in the problem list. In addition, yesterday Citi (NYSE: C) needed a U.S. government rescue plan. How can it be that this data is so wrong? Is it the fear factor that they feel would be created if they were truthful. Maybe certain institution don't qualify as "troubled" but should. They need to look at how they qualify a troubled bank. Assets of troubled institutions should be in the trillions not $100 billion.
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| Insider Trade of the Day - Saks (SKS) In a Form 4 on Saks (NYSE: SKS), billionaire investor and formerly the richest man in the world, Carlos Slim, disclosed that on Nov. 21, one of his entities purchased 1.5 million shares at prices ranging from $2.76 to $3.00, bringing his stake to 25 million shares.
Slim's latest trade, which took place Friday afternoon, came as shares of Saks were down about 18% intraday. Slim began pulling the trigger just after the stock bounced after setting a new 52-week low at $2.67. Since Slim added to his position, shares of Saks have risen about 33%, closing today's trading session at $3.56. More Stock Buybacks: http://www.streetinsider.com/Insider+Trades FREE RSS Feed: http://www.streetinsider.com/freefeed.php?cid=25 | | 
| | Upgrade To Watch - Omnivision (OVTI) Broadpoint.AmTech upgrades Omnivision Technologies (Nasdaq: OVTI) from Neutral to Buy. Price target lowered from $12 to $10.
Broadpoint analyst says, "We are upgrading OVTI to Buy (while cutting estimates) based on the following: The stock is trading at 1.2x July '08 cash, and continues to generate annual operating cash (FY10 estimate is $68.7M, even while keeping operating expenses flat)...That said, the market is placing negligible value on ... MORE More Upgrades: http://www.streetinsider.com/Upgrades FREE Upgrade RSS: http://www.streetinsider.com/freefeed.php?cid=9 |  | | 
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