Merrill Lynch

  • Merrill Lynch, Morgan Stanley

    Merrill Lynch says “buy” Morgan Stanley

    Once again, the analysts are trailing the market. Merrill Lynch has upgraded Morgan Stanley to “buy” from neutral: 13 Oct 2008 14:12 EDT *DJ Morgan Stanley Raised To Buy From Neutral By Merrill Lynch It’s just a matter of time before the others now follow. Meanwhile, we hear that Trump Entertainment has been downgraded. That’s […]

    / Oct 13, 2008 at 2:22 PM
  • Bank of America, Merrill Lynch

    Price of Merrill Declines As Bank Of America Share Sink

    As we predicted last night, shares of Bank of America are falling today after it announced that it was acquiring Merrill Lynch. The stock is off around 15 percent this morning. Because the acquisition of Merrill is an all stock transaction, with Merrill shareholders receiving 0.8595 shares of Bank of America for each share of […]

    / Sep 15, 2008 at 10:46 AM
  • Merrill Lynch

    Is Merrill’s Hiring Freeze Just The Tip Of The Iceberg?

    That’s the claim of a Merrill Lynch banker who has written to Here Is The City, a financial news and gossip site based in Britain. “I wonder what the implications really are, and am concerned that the freeze itself is just a marker which firm executives are putting down to signal that there are much […]

    / Aug 18, 2008 at 3:35 PM
  • Merrill Lynch

    Second Thoughts On Merrill’s CDO Sale

    The euphoria in financial stocks yesterday seems to have been largely built on the idea of that “cathartic vomit.” The idea was that by writing down assets once again and selling off CDOs to Lone Star for 22 percent of their original value, Merrill Lynch had finally purged itself of the junk on its books. […]

    / Jul 30, 2008 at 12:56 PM
  • Earnings Reports, Merrill Lynch

    Merrill Lynch Moves Its Earnings Call

    Merrill Lynch announced that it was going to move its earnings conference call from a pre-market 8 am time slot to after the market closes. Of course, in the current climate this prompted all sorts of concerned or gleeful whispers (depending on whether you were long or short Merrill). The last Wall Street firm to […]

    / Jul 7, 2008 at 12:20 PM
  • Merrill Lynch

    Merrill Slashes Outlook For Banks, Market Slashes Merrill With Write-Down Rumors

    We’re snacking this morning on the delicious irony that Merrill Lynch’s stock is getting hammered by rumors that it will announce new losses from Alt-A mortgages on the same day that analysts at Merrill Lynch cut their earnings outlooks for several large regional banks, and predicted dividend cuts from Bank of American and Wachovia. It’s […]

    / Jun 20, 2008 at 11:42 AM
  • earnings, Lehman, Merrill Lynch

    The Earnings Story Changes, The Actors Are Different, But The Spread Sheet Remains The Same

    While many on Wall Street focused on the second quarter earnings of Lehman Brothers, they may have overlooked something odd that occurred behind the scenes. In connection with this morning’s earnings report, Lehman issued a detailed financial appendix breaking down its balance sheet by various asset groups. But behind the numbers there was another story–the […]

    / Jun 16, 2008 at 3:03 PM
  • John Thain, Merrill Lynch

    John Thain’s Favorite Part Of Merrill

    One thing we’ve noticed recently is that the chorus of dissenting voices inside of Merrill Lynch has quieted in recent months. In the weeks after John Thain replaced Stan O’Neal as chief of Merrill, the securities firm was bitterly riven as executives scrambled for authority (and, of course, money…always money) under the new regime. But […]

    / Jun 13, 2008 at 8:55 AM
  • Merrill Lynch

    Supporters Of Fed Window Could Use Regulations To Gain Competitive Advantage

    Is it a coincidence that the first public statement from a chief of a Wall Street supporting extending the Federal Reserve’s discount window for securities firm came from Merrill Lynch, which enjoys the lowest leverage ratio on the Street? There’s no question that any move to make the new Fed borrowing facility a permanent feature […]

    / Jun 11, 2008 at 4:33 PM
  • Fed, John Thain, Merrill Lynch

    Is Merrill’s John Thain Worried The Fed’s Investment Banking Window Will Be Closed In September?

    At a gathering of Wall Street dealmakers yesterday Merrill Lynch chief executive John Thain said he hopes the Federal Reserve will continue to permit securities firms to borrow from a new Fed facility launched amidst the implosion of Bear Stearns. We couldn’t help but notice, however, that Thain seemed a bit worried that the Fed […]

    / Jun 11, 2008 at 12:27 PM
  • Blackstone, CFOs, Merrill Lynch

    Blackstone Poaches Merrill Lynch Executive To Replace CFO

    Blackstone has replaced its chief financial officer with a top executive poached from Merrill Lynch. Laurence Tosi, who has been at Merrill for nine years and most recently was the chief operating officer of its investment banking division, will replace Michael Puglisi, a 14 year Blackstone vet. The move by Tosi is being read by […]

    / Jun 10, 2008 at 8:34 AM
  • Banks, Lehman, Merrill Lynch, Morgan Stanley, Ratings Agency, Standard & Poor's

    S&P Slashes Ratings On Lehman, Merrill and Morgan Stanley

    So maybe trouble at Lehman Brothers isn’t just short-sellers spinning a web of financial panic after all. Standard & Poor’s cut the ratings of Lehman Brothers, as well as Merrill Lynch and Morgan Stanley today. Counterparty credit ratings, which have been getting a lot of attention lately, were one prong of the S&P credit analyst […]

    / Jun 2, 2008 at 1:59 PM
  • Merrill Lynch

    Merrill Broker Staying Bullish In Afghanistan

    Kevin Zrenda serves in a military intelligence unit in Afghanistan, but he’s still got Merrill Lynch on his mind. Last year Zrenda, who is a member of the National Guard in California, took leave of his job at Merrill Lynch’s Pasadena office, to serve a year-long stint in Afghanistan. Zrenda, who graduated from Harvard in […]

    / Jun 2, 2008 at 12:55 PM
  • Auction Failure, Auction Rate Securities, Merrill Lynch

    How The Brokerages Misled Customers On Auction Rate Securities

    A key question in the liability of brokerages in the failure of the auctions for auction rate securities is what customers were told about the risks of the products they bought. The brokerages now claim they properly warned customers about the products, and that they never considered them cash or cash equivalent. Most individual brokers […]

    / Mar 31, 2008 at 9:54 AM
  • Auction Failure, Auction Rate Securities, Merrill Lynch

    Merrill Lynch Hit By Auction Rate Securities Lawsuit

    A class action lawsuit was filed in federal court yesterday against Merrill Lynch, hours after we reported that Merrill had been threatened with suits by brokerage customers whose assets were frozen in auction rate securities. Merrill is the latest entrant in a club that includes Morgan Stanley, Deutsche Bank and UBS, all of whom have […]

    / Mar 26, 2008 at 1:38 PM
  • Bear Stearns, Merrill Lynch

    Blocking DealBreaker As A Leading Indicator

    Several months ago Bear Stearns blocked employees in its headquarters from reading DealBreaker. They offered us lots of technical excuses for this, including a few that almost made sense, but all of them were lies. Bear Stearns blocked us because we had ticked off the upper levels of its management. They’d probably still deny this […]

    / Mar 14, 2008 at 4:07 PM
  • Citigroup, Merrill Lynch

    Merrill’s John Thain Says Citigroup Needs A Lot More Cash

    It’s not just the heads of giant Persian Gulf funds who are trash-talking each other’s favorite banks, the chief executives of rival institutions are getting into the mix too. In a meeting with a group of Wall Street analysts recently, Merrill Lynch chief executive John Thain said that he believes that Citigroup will need another […]

    / Mar 4, 2008 at 9:54 AM
  • Merrill Lynch

    Mysterious Mistakes At Merrill

    In a filing with the Securities and Exchange Commission on Monday, Merrill Lynch said its cash flow statements for 2005, 2006 and the first three quarters of 2007 were wrong. The statements overstated cash provided by derivatives financing transactions. But, lucky for them, they made another mistake, overstating cash used for trading liabilities. So no […]

    / Feb 27, 2008 at 9:18 AM

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