Another One Bites The Dust
Bear Stearns captured all of the headlines earlier this year. Last week it was Fannie Mae and Freddie Mac’s turn, with Lehman and AIG taking the proverbial cake and eating it this week.
Morgan Stanley (NYSE: MS) must be feeling left out, because guess what? They’re taking up the headlines today.
Falling into the all-around panic, it looks like the big guy is in talks with Wachovia for a merger. And that’s despite them reporting better than expected earnings on Tuesday night. Their third quarter earnings statements were really quite good considering everything.
Of course announcing third quarter earnings well ahead of schedule usually isn’t a good sign. And this case wasn’t an exception. While they had a net income of $1.43 billion, down from $1.54 billion this time last year. Though they tried to soothe shareholders with the data, it didn’t work as evidenced by two factors.
Number one: As of 12:45, their stock was down below $16.
Number two: They’re in deals to merge with Wachovia. Enough said.
According to Wachovia, they’re an attractive company with despite what the bank representatives termed as “challenging” conditions. But apparently if they actually want a piece of it, they’re going to have to work against potential competitors such as the London-based HSBC and China’s CITIC Group, if rumors are to be believed.
Apparently, with all of those interested parties, there’s nothing that terrible about the company such as with Lehman, where nobody wanted it sans bankruptcy.
But maybe they know something we don’t. It’s definitely happened in the financials before. And guess what? I’m thinking that there will probably be a few more surprises along the way before this whole mess plays out.
http://www.smartprofitsreport.com/archives/2008/the_financial_sectors_future541.html
Thursday, September 18, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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