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Bear Stearns cuts rating on financials, lifts materials

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AD   Saturday, 10/27/07 12:48:10 PM
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Bear Stearns cuts rating on financials, lifts materials
By Steve Goldstein
Last Update: 5:46 AM ET Oct 26, 2007
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LONDON (MarketWatch) -- Bear Stearns cut its rating on the financial sector to underweight from market weight while it lifted its rating on the materials sector to market weight from underweight. The financial sector will see more write-downs and worse earnings than the Street expects, and Fed rate cuts won't solve the credit problems, the broker said. On materials, the sector should improve from expectations of a weaker U.S. dollar as well as improving sentiment. End of Story

The white man seeks to conquer nature, to bend it to his will and to use it wastefully until it is all gone and then he simply moves on, leaving the waste behind him and looking for new places to take. Chiksika (Kispokotha Shawnee),March 19,1779
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