Word: morgan
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...stock price--said last week it would split into four companies in a bid to "unlock tens of billions of dollars of shareholder value." The company's combative CEO, Dennis Kozlowski, predicted the breakup would add 50% to the stock price. Going him one better, Don MacDougall of J.P. Morgan Chase said the move would make the stock worth $80 to $90 a share--double the current price. Haven't they heard? Post Enron, any hint of questionable accounting is the functional equivalent of finding asbestos in everything a company makes. So a day that dawned with promise for Kozlowski...
...with fresh skepticism the bookkeeping methods of a range of companies, including even blue chips that are widely admired and accused of nothing illegal. Some of the companies that investors point to are American Airlines, the insurer American International Group, Coca-Cola, Electronic Data Systems, General Electric, IBM, J.P. Morgan Chase and Xerox...
...Thursday, for example, Martin Wolf of the Financial Times moderated the annual update on the world economy, with a cast of analysts from China, Japan, the U.S., Britain and Germany. For those convinced that a strong recovery in the U.S. is already under way, Stephen Roach, chief economist of Morgan Stanley, had a pitcher of cold water ready, pointing out that no economy had ever been able to maintain a buoyant recovery from a recession while running such an enormous deficit on the current account, and while household and corporate balance sheets are overloaded with historically-high levels of debt...
...ratios. Because earnings are so depressed, the price-to-earnings ratio on many stocks seems high--in the 20s or 30s. Still, some believe that the Japanese market represents the best deep-value play in a generation. For that reason Cyril Moulle-Berteaux, who runs an institutional fund for Morgan Stanley, has his most aggressive stock allocation in Japan. "Everybody who's had money to pull out of Japan has already done so," he says, noting that Japan is not just cheap but a low-risk contrarian...
...brief stopover in Sugar Land that will surely yield some titillating follow-ups, the Enron scandal turned back toward whence it came - Wall Street. The Wall Street Journal led Friday with a story that everyone might have been talking about if anyone could understand it - how investment bank JP Morgan held Enron's hand all the way to the Jersey Channel Islands to set up one of the company's offshore partnerships/tax havens/accounting dodges - and could stand to lose $1 billion on the deal. Implication: That something rotten you're smelling in the state of business is probably not confined...