Wachovia Posts $8.9 Billion Loss - NYTimes.com: "Its shares rose $1.19, or 9 percent, to $14.37 in afternoon trading."
Really? You can lose $8,900,000,000 -- IN A SINGLE QUARTER -- and have your shares go UP *9%*?!?
Stunning.
Maybe I don't get the economics behind the markets, but this strikes me as completely contrary. If General Motors comes out (as it has) and says that its posting a multi-billion quarterly loss, it gets PUMMELED on Wallstreet. Would someone with a better grasp on the economics at work here care to explain how this works?
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