Word: lynch
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More mergers are surely on the way. Lehman Bros. and Bear Stearns, both independent New York investment banks, currently lack the capital to compete with rivals that are suddenly much larger. Even the giant Merrill Lynch could soon be forced into a deal - Merrill already has a $1 billion joint venture focused on newly affluent individual investors with Britain's HSBC, a huge financial holding company; if the two expand their partnership, the global reach of American banking could extend even further...
...which in short order spawns half a dozen fishy mini-seamen that babble at you in baby talk. To keep them alive you have to feed them, make sure they're warm and clean their tank daily (which is dark and dingy and looks like an early David Lynch movie...
...billion purchase of U.S. investment bank Donaldson, Lufkin & Jenrette by Credit Suisse Group bumps the Swiss bank up to the broker-dealer heavyweight division that includes industry leaders Goldman Sachs, Merrill Lynch and Morgan Stanley. It also keeps CS in step with its main Swiss rival, United Bank of Switzerland, who announced two months ago it was buying PaineWebber...
...next deal may be coming soon. Goldman Sachs, Merrill Lynch and Morgan Stanley managed to build international investment banking operations on their own; others may have to get out their checkbook, like Credit Suisse and UBS, if they want to catch up. Most likely to get swallowed: independent securities firms such as Bear Stearns, Lehman Brothers and J.P. Morgan. And at today's prices - Credit Suisse paid $90 for DLF shares that were going for $65 on Monday - that makes them must-swallows for investors...
THINK SMALL After being out of favor for three years, small-cap stocks are staging a relative comeback. Propelled by gains in the health-care and energy sectors, the Russell 2000 is outperforming all three major indexes. According to William Kan, a Merrill Lynch strategist, "Small-cap companies are undervalued, and many offer strong growth prospects." Don't look for a quick hit: small stocks aren't immune to the current volatile market environment...