The stock was trading mostly up today, when nearly all other financials, from
Bank of America
, were down.
If you didn't get the memo, apparently today was national We Hate TARP day, and to celebrate, the financials were plummeting, from the mid-single digits to the high teens.
So what's so special about UBS?
Nothing. Watch my video to hear why:
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You'd be crazy in the head to chase a financial higher on a down day because it swore it had seen "encouraging" signs, even though its quarter was worse than expected. Haven't we learned anything from the sordid past? And you'd be equally nuts to believe promises made to consider firing a small batch of employees.
Don't miss my "Against the Grain" trades and my Press Maven videos every day on
At the time of publication, Fuchs had no positions in any of the stocks mentioned in this column.
Marek Fuchs was a stockbroker for Shearson Lehman Brothers and a money manager before becoming a journalist who wrote The New York Times' "County Lines" column for six years. He also did back-up beat coverage of The New York Knicks for the paper's Sports section for two seasons and covered other professional and collegiate sports. He has contributed frequently to many of the Times' other sections, including National, Metro, Escapes, Style, Real Estate, Arts & Leisure, Travel, Money & Business, Circuits and the Op-Ed Page. For his "Business Press Maven' column on how business and finance are covered by the media, Fuchs was named best business journalist critic in the nation by the Talking Biz website at The University of North Carolina School of Journalism and Mass Communication. Fuchs is a frequent speaker on the business media, in venues ranging from National Public Radio to the annual conference of the Society of American Business Editors and Writers. Fuchs appreciates your feedback;
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