Covering financial stocks this morning looks a bit like an assassination happening live on television. Futures are being pulled sharply lower by the financial stocks melting down. We are going to skip…
When Merrill Lynch (MER) CEO John Thain signed the employment agreement that made him the S&P 500’s best-paid CEO of 2007, shares of Merrill were trading at more than $55 dollars per…
Douglas A. McIntyre Shares of Lehman (LEH) were off 84% in European trading. Bank of America (BAC) was down 14%. UBS (UBS) shares fell 7% at the open. Douglas A. McIntyre
According to Reuters, Lehman (LEH) will seek Chapter 11 protection. Reuters reports that Bank of America (BAC) will buy Merrill Lynch (MER) for $50 billion. Reuters reports that AIG (AIG) is facing…
We few, we happy few, we band of brothers; For he to-day that sheds his blood with me Shall be my brother; be he ne’er so vile… Saint…
No one likes a sore loser and there will be plenty of those among the executives at banks and brokerage firms that will fail or be sold. A gloating winner is harder…
Merrill Lynch (MER) is gone, sold to Bank of America (BAC) for $44 billion. That is $29 a share, well below its 52-week high of $79, but above the $17 where it…
Douglas A. McIntyre The Wall Street Journal is reporting that the board of Merrill Lynch (MER) is meeting to approve a $29 a share takeover offer from Bank of America (BAC). If the deal closes…
Douglas A. McIntyre The latest rumor in the swirl of news around the probable failure of Lehman (LEH) is that Bank of America (BAC) will buy Merrill Lynch for $26 a share. The most recent…
Douglas A. McIntyre Convinced that a Lehman (LEH) Chapter 11 could cause huge losses for other large financial institutions, the weakest players have become desperate to find partners or buyers. According to The Wall Street…
Lehman (LEH) may or may not open for trading on Monday morning. A number of experts believe that the broker’s problems must be resolved before Asia markets open, or that a panic…
According to Reuters, debt of Washington Mutual (WM) was cut to junk on a forecast of a $4.5 billion loss reserve. Reuters says that concerns about Lehman (LEH) spread to Merrill Lynch…
According to Reuters, Washington Mutual (WM) fell 30% to a 17-year low. Reuters reports that billionaire Carlos Slim has bought 6% of The New York Times (NYT). Reuters writes that Northrop Grumman…
There were more downgrades in financial stocks, but these were the larger names that saw estimates or ratings cut by analysts this morning: Bank of America (BAC) Cut to Underperform at KBW.…
According to Reuters, bond giant Pimco called for more governemt support for the financial system saying the the credit crisis could turn much worse. Reuters writes that Microssoft (MSFT) will begin its…
