I'm holding ING long,have to,still underwater a bit,however Ive been in the pfds IGK,INZ,ISF longer for the div,s and as ING goes south the pfd,s cont. on UP. The same thing is happening with RBS,I have similar holdings. Appreciate your views on this.
Yes, ING preferreds ISP, ISF, IGK all jumped in the last 10 days.
Anybody has a good idea why?
In the meantime: It is very hard to estimate ING Q4 earnings. While the operating results should be nicely close to $1.9-2.2B, the risk cost's changes are impossible to estimate with any certainity. Plus the extraordinary items (US insur. business -1.0B, bonds.exch +1.0B, etc.) will have large overall effects, and might distort it all. Any ideas?
Hi pdp, I also think the US market turned the corner today on the "hate of financial stocks".
C, BAC,JPM,BK all jumped 4.0-7.5% today; this simply means to me that a lot of money from last years'end taxsell went today into financials. Mostly into big banks.
So, I think the age of extrem bank hate is over. The extrem undervaluation will also disappear in one year. I think the next surprise will be that the banks income will show and lead the way out of recessionary climate, with more customer confidence (creditcards) and more loans (corporate).
And ING (and Eu banks) will be quick to follow. Europe is not slipping into recession. Just take a look at latest german business data. And DB bank jumped over 30 Euros/sh today.
when everyone is in a panic I prefer to buy and hold. thats what Im going to do. Im not going to sell until this stock is in the high teens. we all know how fast this can happen. ING went to 18 after crashing in 2008..im just gonna hold on and ride the wave.