Market Slide Continues
Unless you are one of three people to purchase a winning powerball ticket, the financial news is not great this morning.
Stocks continued to slide overseas, after entering correction territory in the U.S. yesterday. Albert Edwards, strategist at Société Générale, has taken the prize for the most bearish market prediction, saying stocks could fall as much as 75% from their peak – worse than in the financial crisis. Edwards also regularly wins the prize for “Analyst Who Cried Wolf Most Often”, but the markets don’t seem to be in a mood to remember that today. In the U.S., heavily indebted energy companies continue to get pummeled the hardest, but media/technology darling Netflix (NFLX) was also one of the hardest hit. Surprisingly, Exxon Mobil (XOM) shares rose yesterday. Investors apparently think the company’s conservative balance sheet will give it an opportunity to gain market share in the energy wreckage.
At Fortune, we think all this pessimism has gotten a bit overblown. My colleague Shawn Tully offers an antidote here.
Separately, a Paris-style gun and bomb terror attack broke out in Jakarta today, killing at least six people.
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